75 days left on the 1st time home buyer tax credit!

If you hope to qualify for the $8,000 1st time home buyer tax credit, you are running out of time. The credit, which is part of the President’s stimulus package is set to expire December 1st. So in order to close by that date, a home would really need to be identified and placed under contract by mid September in order to close on time.

The Gintz Group, the developer I am working with to sell 27th Street Station Condos, have launched a push “blow out” all condo units by the time the stimulus expires. To this end they have dropped prices across the board. Their fully renovated, beautifully appointed homes range from $99,900 to $139,900. There is also a $4000 preferred lender bonus towards closing costs. They offer choice of one or two bedroom floor plans. More information can be found at www.27thStreetStation.com.

My suspicion is that the expiration of the tax incentive will slow the lower end market, but the big question is whether the market will have enough momentum at that point that we can avoid slipping into a winter slump. More to come...