Home buying to beat the deadline
UPPER MONTCLAIR (WABC) -- On a beautiful park like setting, Barbara and Hillard Adams never realized they would qualify for the homebuyer tax credit.
"I had heard about it, but didn't think too much about it," Barbara Adams said.
They are expecting the credit, after meeting a list of qualifications, of up to 65-hundred dollars for the purchase of a smaller home.
"We've been trying to push things. We know the deadline is now," Hillard Adams said.
As the Adams sell their home in Upper Montclair, the prospective buyers too are trying to qualify as the program's deadline quickly approaches.
Ceil Adkins, sales associate with Century 21 Gemini Realty, is working with several clients trying to meet the April 30th deadline. That's when buyers must be under contract.
"It is pulling people to come out and make that decision, whereas before, with the market being what it is, people would not be in a hurry," Adkins said.
For still other potential buyers, where the homebuyer tax credit is not an issue, they are now starting to see changes in interest rates.
Lisa Scherzer, senior staff editor at Smartmoney.com, is following these new changes.
"On a historical basis, the rates are still relatively low and people I have spoken to say that you're not going to see the four percent rates that you saw in November and December," she said.
"It's a bit unnerving right now because they don't know whether they should lock in right away or wait a few days," office manager Andrew Spano said.
As new houses come onto the market, Spano believes there are things for both buyer and seller must consider.
"You've got to hone in on the area you want to be in and the price range that you can afford," he said.
You have to now consider many things in an ever changing housing market.
"How much you should be paying for a house? How much you should be selling your house for? What's a fair price? How much things are going for in your market?" Scherzer said.
saving money, mortgage crisis, housing, taxes, new jersey, consumer news, tim fleischer
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