Market Report

Clock is Ticking for First Time Home Buyers

First time homebuyers need to act in order to claim “First Time Home Buyer Tax Credit”.  The market is governed these days by either foreclosures or short sales.  With prices being influenced by these stressed properties few if any homes are available on traditional listings.  What results is the necessity to negotiate with banks for approvals.  This process is riddled with problems and leads to frustrated buyers.  It is not uncommon to bid above asking price, wait a month for a response then find out that they have lost to a cash buyer offering less money.  The first time buyer is even more susceptible since their financing is leveraged and generally less secure.  For those still looking for the perfect Fort Myers FL home and a tax credit, perseverance and a little luck are going to be needed.  If you fall into this category I encourage you to act without delay.  This tax credit is unprecedented and I am convinced that many people that are counting on it will be disappointed when time runs out before the purchase is completed.