Too late–this time.

First-time home buyer. Did you find your new home soon enough to be able to take advantage of the $8,000 tax credit? If you haven’t found it by now you are almost certainly too late.

Escrow closings are taking from 45-60 days now under normal conditions. With the influx of buyers due to the $8,000 tax credit and the holidays it would be very difficult to start looking for a house, get an offer accepted and get it closed by November 30th, 2009.

I took some buyers out this weekend. We had already done some looking and they had done a great job of preparing for the search by getting pre-approved, responding quickly to the listings I sent them and going out on there own and driving around to see where they wanted to live and what they could get for the money. We found a house, made an offer and had it mutually agreed upon within 24 hours. The inspection is scheduled for tomorrow, the appraisal has been ordered and the lender is putting the pieces together.

We all know that if we don’t stay focused on this it’s not going to close on time. None of us wants that to happen so we are all working diligently to make it happen.

So, you missed out on the deadline for the tax credit? Don’t despair. This is still a great time for anyone to buy a house who is ready to buy a house. House prices are still low. They may drop some more but there are some signs that prices are leveling off and we may have hit the bottom. Time will tell. And, we can never really know if we are at the bottom until we look back in a few months. Then we can say, “Yes, that was the bottom.”

And, don’t forget. Interest rates are still extremely low. No one can say how long they will stay low either so this is a great time to buy. In addition, sellers are more willing to make concessions in order to get their houses sold.

The tax credit may be extended but that is another uncertainty. I suggest, if this is the right time to buy a house and you are really ready then start the process. Get educated about the market, where you want to live, what’s available and how much you can afford. You might very well find a great deal that would be as good or even better than the $8,000 tax credit.

So, don’t miss this great opportunity to buy a house even if you missed the $8,000 tax credit.