Unless you’ve been vacationing on another planet, you’ve probably heard about the $8,000 tax credit that is available for first-time homebuyers.  Maybe you’re one of those who is planning to check into it but haven’t quite gotten around to doing anything about it.  The deadline isn’t until November 30, 2009 anyway so you’ve got plenty of time, right?  No, not really.

Let’s take a look at this.  The deadline says that you have to close your purchase on or before November 30th.   If you are renting an apartment and need to give a 60-day notice to your landlord, you would need to give that notice by October 1st in order to move before the end of November.  Most people like to have everything pretty well sewn up with their home purchase before they give notice, so that means you’d want to have an accepted purchase agreement no later than mid-September in order to leave time for the home inspection, the appraisal, final loan approval, etc.  We’re already coming up on the 1st of July, so that gives you just a couple of months to find the home you’re looking for.  With lots of first-time homebuyers in the market right now, finding the right home can take awhile.

It’s time to get started, don’t you think?  If you qualify for this tax credit, time definitely is money!