Yes I know today is the day that I must mail a nice big check to my uncle Sam. I am not racing to meet that deadline in fact I will likely stop by the post office before the midnight rush and drop off my taxes.
The deadline I am writing about is the deadline of April 30th to take advantage of the first time home buyer tax credit and the seller tax credit. There are some who will race to make the deadline and some who already have been trying to beat it.
I hate to say this but it is possible that the home buyers who wait a couple of months may come out ahead. I know this is heresy but last October prices peaked in St. Paul and I believe it was because of the tax credit and the low inventory of homes on the market at the time. Normally prices peak in the spring not in October.
It is possible that with the bigger inventory of homes on the market and the expiration of the tax credit and the end of the spring home buying season that prices will go down. In fact is is very likely that they will go down, and will likely peaked this April Tax credits are nice and they are cash but spending less on a home is good too.
If buying a home is on the horizon for you but you missed the tax credit now might be a good time to watch prices and take advantage of the situation when they go down. With the bigger but still not huge inventory they are likely to go down.
If you are still racing the deadline and it doesn't look like you are going to make it, don't worry. You may actually come out ahead if you don't make it.
For the sellers who missed out . . they missed out. My condolences. They should extend it for at least six months.
See you at the post office!I know I can file electronically but I love the excitement of tax night. Seeing my neighbors and all the folks with protest signs makes me feel like I am really a part of this great country.
