First-time homebuyers face deadline

clipped from columbus.bizjournals.com The government’s first-time homebuyer $8,000 tax credit has helped stimulate home sales, but buyers still hoping to take advantage of it will have to beat the clock. The tax credit expires Nov. 30, giving buyers about 12 weeks to find, contract and settle on their purchase. The National Association of Realtors says on average, first-time buyers search 12 weeks to find a home, and closing can take up to 60 additional days. The tax credit was cited as the most important reason for buying among more than one in 10 surveyed homebuyers in a recent Realtor.com survey. An estimated 1.4 million buyers have already filed for the credit, with that number likely to swell by the time tax returns are due next April. Existing single-family home sales in Central Ohio lagged behind last year's pace at the end of July, but that month saw a comparably narrow decline of 3 percent. The Columbus Board of Realtors has said the credit has helped area homebuyers get off the fence and pursue a deal.