What Is Coming for First-Time Homebuyers

Two reasons we are headed into a GREAT time to buy a house! (Yes, even here in Washington!)

#1 It’s kind of standard advice by now, but putting your tax return toward a down payment is a great way to jump start your savings. That’s right, Happy Tax Day everyone. If you’ll be seeing a return, consider stowing it away for a down payment because you might be closer to purchasing than you think. Here’s why–

#2 The First-time Homebuyer Act of 2021. The bill was introduced to Congress on April 26, 2021 and is a key piece of President Joe Biden’s campaign promise that seeks to reduce the wealth gap and help renters to buy their first home. It comes as a $15,000 tax credit – or up to 10% of the home’s price to eligible first-time homebuyers. So just to be clear, you’d see that in the following year’s tax return.

It’s true that inventory continues to be low here in Greater Seattle and purchases can be incredibly competitive, but we are confident we can help you be as prepared as possible, with the strongest offer you can make when you are ready to buy. First step is calling a loan officer and finding out where you really stand – you’re probably closer than you think. Let’s get you pre-approved and figure out what you can afford.

Sidenote, have you thought about purchasing a condo?

You can learn more about the First-Time Homebuyer Act of 2021 at Home.com