03.27.10
Tax Credits are Expiring Soon for Buyers of Metro Jackson MS Homes for Sale
The federal tax credits are expiring April 30, 2010 for first-time and repeat home buyers. If you’ve been thinking about purchasing one of the Metro Jackson MS homes for sale now is the time to buy. Interest rates are still historically low and you’ll need to act soon to take advantage of a sizeable amount of money from Uncle Sam.
Below are seven tips to help you take advantage of the $8,000 first-time buyer and $6,500 repeat buyer tax credit:
1. Decide where you want to live. About 80 percent of home buyers search for homes online to learn more about the homes in the area and narrow their home search. A good resource to research communities is to look at CNN Money Magazine’s “2009 Best Places to Live.” Brandon, Mississippi was ranked 54th last year and is a wonderful place to live and raise a family.
2. Get pre-approved for a home mortgage. You have more leverage with sellers if you’re already pre-approved through your lender for a specific amount of money. Save valuable time by keeping your home search within your price range.
3. Establish criteria for how much home you can afford. With only a month left to sign a valid real estate contract, find a real estate agent who is experienced and knows the area well. Your agent will find out exactly where you wish to live, price range and the type of home you’re looking for. This will save time and limit your visits to those Metro Jackson MS homes for sale that meet your criteria.
4. Decide which features are ‘must have’ and affordable. Do you need a four bedroom home or can you live with a three bedroom home? Your real estate agent will be more effective when they know the size of home and which features will meet your needs and your mortgage budget.
5. Invest wisely. If you don’t have extra money to repair a home, stay away from fixer-uppers.
6. Short Sales can take much longer to close escrow. Don’t get hung up on a real estate transaction that has to go back and forth between the seller and their mortgage lender for approval.
7. Plan for contingencies and extra time. Purchasing a home requires home inspections and other issues that can take time. And, if you’re a repeat home buyer you may have to sell your home before you can purchase a new one.
To qualify for the tax credit you’ll need to be under contract by April 30, 2010 and close by June 30, 2010. The purchase price needs to be $800,000 or less and you must be 18 years of age.
If you’re ready to look at Metro Jackson MS homes for sale, contact Paula Ricks at 601-942-3392 or email me at Paula@PaulaRicks.com today! Visit my website www.PaulaRicks.com for more information.
Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct: 601-942-3392
