First Time Home Buyers' Tax Credit Expires December 1st!

The real estate market may be in a slump right now, but there has never been a better time to buy a new home, especially if you're a first time home buyer. Mortgage rates are below 5%, homes are more affordable than they have been in years, and if you buy before December 1st first time home buyers can qualify for the $8,000 Federal Housing Tax Credit.

There are more Chicago homes for sale right now than ever, and many of the people selling their homes are extremely motivated. Home buyers have a lot of inventory to look through, which may make it overwhelming for some, and understandably so. In previous times buyer's may not have found much that they liked, but in today's housing market buyers are much more likely to be faced with the issue of having to choose between several houses that seem perfect.

That's not such a bad problem to have, and one of the things that can help you decide which house to buy is which one will make you eligible for the tax credit. Not all houses qualify, and prospective buyers need to do research into the terms of the credit to figure out exactly how it works and how they can best utilize it and help stimulate the real estate market. Remember, new construction homes do qualify for the credit, as long as you occupy the house before December 1st. Look into your individual situation and circumstances to get the specifics.

Buying a home is a great step in establishing your financial life and stability, and every home that is sold helps boost the economy and the real estate market. If you've been looking for a home, keep the Federal Tax Credit in mind and take advantage of it before time runs out.