Home Buying Before The Tax Credit Expiration

You better start looking now especially if you live or are looking to buy in South Florida.  There are a lot of people looking at homes in the $250,000 and less range and I would imagine most first-time homebuyers fall into that range.  Don’t rush buying a home you might regret in a year over $8,000, it’s not worth it. 

If you can it is best to buy before the end of the year in Florida so that your Homestead Exemption will kick in at the end of 2010.  If you buy in 2010 you won’t get it until the end of 2011.  And guess what?  If you buy in 2010 and the tax rates go up because the county is looking for more revenue, you will be affected. 

One last thing to keep in mind, get pre-qualified with a mortgage expert.  Not just someone you found online because they advertised unrealistically low interest rates because if you don’t close by the deadline it could end up costing you $8,000.