It seems there may be some time for the tax credit as an extension till June of 2010. According to Money.com (http://tinyurl.com/yk452z6), the tax credit was used by 1.8 million homebuyers and 355,000 who would not have purchased a home without it. That’s around 20% where the tax credit has stimulated home purchases. 20% is a fantastic number that shows that a tax credit is a great incentive.

The current November 30, 2009 deadline is indeed stressing some potential home buyers out and the proposed deadline of June 2010 alleviates some of that stress. However, our blog article of “Home Buying: When Hesitating Costs You $8000″ says that it is at least a 3 month process to accomplish the details of a regular home buying process. So, if the tax credit deadline does get extended till June, you should start looking by March at the latest, which is still plenty of time right now. Have a decision by February 2010. If you have not started the home buying process, don’t expect to make the November deadline.

This extension may also help you to buy a more valuable home and a bigger bang for your buck as housing prices in some markets increase. So, watching the housing market is very important.

The first-time home buyer tax credit ends November 30th, 2009. Sounds like you still have some time right? Not really. In fact, you need to start looking for a house NOW just to ensure you won’t miss the deadline and pay $8,000 more, and even starting to look right now doesn’t mean you will absolutely beat the deadline, and here’s why:

In the days you have left between today and November 30th, take out Veteran’s Day and Columbus Day, because many businesses are closed (or at the very least, the government is).

In the days you have left, take out 3 more days for Thanksgiving. People take half a day off before and usually that Friday after is taken off too for shopping, either way, many people take off these days and doing business during this time is nearly impossible.

So in the days you have left, you need to find a realtor, find homes, go to showings, begin bidding on the home you’ve chosen, get inspections, get pre-approved, get financing, begin the paperwork, and close the loan all before November 30th. This is assuming all parties are working all of the days between now and November 30th, and that your realtor never has a time conflict.

So don’t make the mistake by not starting now. Also, if you’re looking at foreclosures or short sales, the process may take even longer so you really have to find a house by next week at the latest. Keep in mind, setting up showings usually takes 24 hours, so if you find a house you’d like to see, it’s a 24-48 hour delay. Also, bidding on HUD homes take 3-5 days to find out if you got it or not.

Moral of the story, when you need to work with multiple parties on a deal, it takes time. Relying on your realtor, the selling party, and the bank becomes a lot more stressful if you don’t have enough time, because there are many aspects you don’t have time control over in buying a home.

So stop procrastinating and hesitating, and start the process today!

*********************************************************************************

Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com