The countdown is on! In just 50 days, believe it or not -- for those of you keeping track, that's 7 weeks and 1 day, your home will be worth $8000 less.
No, it's not the apocalypse. Your roof is not going to collapse nor will all your kitchen appliances start to malfunction on May 1, 2010. Stains and holes will not mysteriously appear on your hardwood floor or carpets. Your windows will not shatter and the paint will not start peeling off of your walls.
There's no magic switch that gets flipped causing all home listings on the MLS to suddenly reduce their price by $8,000. Nor will anyone else tell you this or warn you of this impending and certain eventuality.
Rather, on May 1st, homebuyers across America, and certainly here in Northern Virginia and D.C. will remove their government-issued rose tinted 3-D glasses and in their own minds subtract $8000 from the value of your home.
Of course, I'm talking about the deadline for the Homebuyer Tax Credit. In order to take advantage of the $8000 Homebuyer Tax Credit or the $6500 Move-up Homebuyer Tax Credit, homebuyers must enter into a ratified contract to purchase a home by no later than April 30th. Then they must settle on the home and go to closing by June 30, 2010.
Time is running out. The market already takes into account the presence of the tax credit, meaning that the prices charged for homes today will be worth $8000 less on May 1st from the perspective of potential buyers since they will no longer be able to benefit from the credit offered by the government.
Thinking about selling your home? It's time to get it on the market now. Already on the market? It may be time to reduce your price and get it sold now.
It's called the Homebuyer Tax Credit, but it benefits you the seller as well.
Watch the video below for some more details on the tax credit and give me a call at 703-626-0715 to discuss selling your home now:
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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
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Wow, Brian! Is that telling sellers to do it now or telling buyers to wait?
And if you're thinking of picking up a short sale better get Brian on it NOW! Can't wait until the last minute because there are ZERO exceptions. Valid contract by April 30th or no deal. What's so funny is that calendar image you used is the exact image I used for the background in one of the countdown widgets I give to agents for their blogs.
Very catchy title Brian! It will be very interesting to see what happens after April 30th.
If buyers and sellers sit back and think the market is going to be better in the spring..........WRONG! They should be out shopping right now or putting their home on the market.
And wait a little longer still and it will be worth another $8K less.
And then a little longer...
And then a little longer...
I just got my county assessment and my house is worth less this January than last.
What about next January?
And things haven't hit the fan yet.
Nice way to put it Brian, and for the homebuyer it is true, only a couple of more weeks.
That is a scary title. Buyers who are not eligibe for the credit are actually waiting .
Brain..What a fantastic way to put the $8000 tax credit ...How true this is ..Wonderful POST!
HELPFULHANNAH