Sales Fade As First-Time Homebuyers Give Up on Credit
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A sale sign is seen outside a home on the market in Arlington, Virginia on July 23, 2009. The Dow Jones industrial marked its first close above 9,000 since January after news that existing home sales rose in June for the third straight month. (UPI Photo/Alexis C. Glenn)
With less than thirty days to go until the first-time homebuyer tax credit expires, home sales are starting to fade as buyers give up on making the November 30 deadline.
Reports from real estate agents and builders around the country over the weekend indicates the long-feared exodus of first-time buyers has begun, even though Congress is debating extended the credit another seven months.
In order to make the deadline, buyers must close by midnight, November 30. Real estate professionals advice that buyers who don't have a contract on a home today will have a very difficult time making the deadline. Because of the Thanksgiving holiday and the fat that many lenders and escrow agents will take off the following week, buyer really only have three and a half weeks from today.
In order to make the deadline, buyers must close by midnight, November 30. Real estate professionals advice that buyers who don't have a contract on a home today will have a very difficult time making the deadline. Because of the Thanksgiving holiday and the fat that many lenders and escrow agents will take off the following week, buyer really only have three and a half weeks from today.
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