To take advantage of the $8,000 tax credit first time buyers must purchase and settle on their new home by 11/30/09. That means that would be buyers need to have a home "Under Contract," sometime in October at the latest. The typical time from contract to settlement could run 30-60 days or more, and a September (or earlier) contract may even be much safer.
October is still a few months away, so it may seem (and artificially so) like there is plenty of time. However, I know that many buyers can have trouble finding what they really want. And considering that there is a reduced inventory, and there are quite a few buyers waiting for the "right home," it could be much more challenging then people realize to meet the Tax Credit deadline.
So whether a buyer is focusing on getting a new home in Tysons Corner, or anywhere else in the country, they should keep an eye on their timelines.
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