Time running out for home credit

Time is running out for people wanting to cash in on the first-time home buyers tax credit. The p...  More »

Time is running out for people wanting to cash in on the first-time home buyers tax credit. The program ends at the end of next month. Nancy Deichert with the Bismarck, Mandan Board of Realtors says new home sales numbers, this year, are right on par, if not a little higher, than last year's numbers. She says the local real estate market has remained very stable compared to the rest of the country. She also says this area has seen a four-percent growth in sale prices this year. Nancy Deichert, Bismarck Mandan Board of REALTORS) " Without the first time home buyer tax credit I think our real estate market here probably would have been down. We probably would have been seeing some down numbers, but that tax credit really helped us stay steady and strong." Nancy says many mortgage lenders and appraisers have been dealing with an increased work load due to people trying to take advantage of the credit before the deadline. (Nancy Deichert/Bismarck Mandan Board of REALTORS) "Closing can take 6-8 weeks. Waiting for an appraisal can take that long. So really anyone who may be thinking about jumping in and taking advantage of this might be a little late, but i would really encourage you to talk with a lender and appraiser and see if it can actually happen for you." The deadline for the tax credit is November 30th.  « Less