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Economy

First-time homebuyers rush to find the right house in time

Kirstin Valle - Charlotte Observer

October 22, 2009 12:11 PM

Katie and Drew Long pulled up to a three-bedroom ranch off Eastway Drive on Wednesday afternoon - the final day, they hoped, of the search for their first house.

"I like wood paneling," said Drew Long, 27, stepping into a white-carpeted den. "This is nice," his wife added. And then, aiming a flashlight under a cabinet, "a mousetrap and some roaches - awesome."

For the Longs and thousands of other buyers across the country, finding a house is becoming more urgent. With an $8,000 tax credit for first-time homebuyers set to expire Nov. 30, the window to find a home is shutting.

Some real estate agents say buyers who don't have houses under contract by next week are unlikely to close in time. That has home-shoppers weighing their desire for a home that's just right against the appeal of government cash.

"Now, they're really scrambling," said real estate agent Matthew Tringali, who is working with the Longs.

The Longs, who rent in Cotswold, have seen 50 houses since they started looking last summer. There were a few places that caught their eye, a lot of duds and little pressure to make a move. But as fall's chill set in and the deadline for the tax credit loomed, every house they liked was snapped up, almost overnight

Read the complete story at charlotteobserver.com

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