If you are a 1st time buyer I would consider moving up your plans so you can take advantage of the first time buyer credit of $8,000, should you qualify. Have an attorney review your lease to see if it's possible you can get out of it earlier. If so, you would not want to delay another day. But, whether your goal would be to close by the end of April 2010 or by November 30th 2009 to get the tax credit, you should allow 8-10 weeks to close on your new home, once you have identified the property, successfully negotiated and finalized the inpspection process. This does not take into consideration short sales which could take twice to three times longer to close. Add to this, the amount of time you might spend house hunting. WHen to start looking will depend on how much time you think you might need and how educated you will already have been about the local market by then.

If you absolutely won't move until 2010, then January would be the right start date. However, by waiting that long, you won't be able to get the $8,000 from the federal government as a 1st time buyer. Also, there is the risk of higher interest rates at that point. If you would like more information, please let me know. Thanks!

Greg Schreiber
917-566-4899
greg@gregschreiber.com