What's the REAL Deadline for the $8K Tax Credit?
At Dream Town, as with many other firms in the city, we have noticed a large increase of people jumping off the fence and getting into the buying game. As awareness of the $8,000 tax incentive increases and the deadline of December 1st rapidly approaches, it is beneficial to consider closing well before then to avoid any chance of missing out.
Reasons to plan for October 15th instead of November 15th:
- Though the industry is pushing for an extension (and we encourage you to write your congressperson) you will not get the $8,000 tax credit if your deal closes after November 30th.
- If your closing is set for November 29th and something happens to delay your closing (common) you will not get the $8,000.
- Thanksgiving falls a week before the deadline, so you and your agent should plan for the short staff/vacation that comes along with it. This holiday will affect your lawyer, title company, mortgage person, Realtor, the seller and their team as well.
- There is likely to be a huge surge at the end of November to get in every deal possible before the door closes. The crush will be even more pronounced because many offices will be short staffed and even closed due to the holiday.
So plan ahead, plan way ahead! We’re here to help you. Give our expert Chicago real estate agents a call today!