First-time homebuyers: For many, $8,000 tax credit proves nearly impossible to get
This summer, Brian Smith decided he should buy a house.
The 35-year-old was in the break room at his Maitland office talking to a friend about the idea, and the timing seemed perfect.
Prices were at record lows; “for sale” signs were common, and, most importantly, he could get a tax credit of as much as $8,000 for first-time buyers if he bought before December. But four months later, after looking at more than 40 houses and condominiums, Smith quit his search in frustration.
“Honestly, my heart was so broken,” said Smith, an associate at a financial-investment company. “I hate it I am going to miss the tax credit. But it’s better to wait and get the place you need and want than to get a place and not be happy with it.”