Last week I wrote about how first time home buyers wanting to take advantage of the $8K tax credit have run out of time to purchase a foreclosure or short sale (“Foreclosures and short sales are no longer an option for first time buyers “).
What is a lost opportunity for first time buyers is a window of opportunity for sellers of starter homes! For approximately the next 2 months first time home buyers won’t be consider purchasing foreclosures and short sales because there is too great a risk that they won’t be able to close their sales by November 30th to be able to collect their $8K tax credit. Thus, there will be less competition among starter homes!
In general, if you don’t need to sell this year, don’t. However, if you have a reason to sell this year such as taking advantage of the market to move up to a more expensive home or getting rid of payments on a home you no longer need, get your home on the market NOW! Contact me for a complimentary market analysis!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
