Have you been looking to buy a house? Have you found that it's hard to find what you're after and when you do there are three or four offers already submitted on that property? A quick look at the third quarter stats in the video below explains why.Read More
Here we are with just over a week to go until the home buyer tax credit expires. I would have assumed with the way all the experts were talking there would be an absolute frenzy of activity with people trying to get under contract by the April 30th deadline.
While the market surely has improved and I've noticed substantial gains in my business over the last month, I haven't seen a crazy frenzy of buyers trying to get in under the wire. Talking to some of my colleagues they seem to be in the same boat. A lot of business, but nothing to far above the normal spring jump.
I've mentioned in the past that a lot of industry "experts" were thinking the best plan of action would be to wait until after the tax credit expires to purchase a home. The rationale being that all the buyers will be under contract by April 30th and the prices will drop substantially (anywhere from 5% - 10% depending on which expert was speaking) in the first week of May.
I have to wonder if a lot of buyers are taking this advice. I've told several buyers I have been working with that I thought rushing out and buying a home before April 30th just to get a tax credit was foolish. There are a lot of factors that go into buying a home and taking the time to find the right home, in the right location at the right price isn't something that should be done hastily.
It will be interesting to see if my remaining three listings go under contract in the next week. I've put four under contract this month but I truly think that has more to do with spring time rebound than the tax credit. Perhaps I'm being stubborn thinking that the government really shouldn't be in the market in the first place. I'm excited for the tax credit to end because I'm pretty sure the Market is on the upswing and seeing it happen without government kickbacks will convince many people who are still unsure of the market conditions.
Just wanted to throw my opinion out there as a Realtor who's in the trenches daily. I look forward to your opinions and feedback, perhaps I'm way off base... what do you think?