If you are considering purchasing a home in Washington DC, Maryland, and or Virginia you may want to act soon, especially if you are a first time homebuyer. As many of you may already know to qualify for the $8,000.00 first time homebuyer tax credit you must have a ratified contract by April 30th. This does not mean that you need to close on your Washington DC metro area home by then, you just need to be under contract. The last possible day that you can close to still qualify for this tax credit is June 30th 2010. This article also applies to anyone who is considering purchasing a home, because prices in 20 cities that are being tracked by Standard & Poors have shown a price index rise of roughly .3% on a seasonally adjusted basis in January when compared to December. In the Washington region alone the prices were up around .2% , Los Angeles had the highest increase of around 1.8%.
Another interesting fact to note is that Mortgage rates are still currently low but there have been signs that the rates will be rising. This is not to say that rates won’t still be considered low, but we have seen an increase of rates from the extremely low rates that some people were able to obtain of 4.5% around a month ago.
