As we all know, the end of the 1st time home buyer tax credit is supposed to come to an end on November 30th. The $8000 tax credit has resulted in a SELLER's real estate market for any home priced at $400K or less. YES, you read this correctly... a SELLERs Market! Any one who was or is in this price range knows this first hand... Competing contracts, escalation clauses with offers above asking price, writing mulitple contracts, running see a property as soon as it comes on the market in hopes to be the first to submit an offer, agents begging fellow agents to give them a heads up on when a property will be coming available... it's been NUTS! I felt like it was 2005 all over again! The appraisers have been keeping the values in control as not to allow for inflated sales prices, which is what put us in this mess in the first place.
Last night, the Senate approved an extension of the current $8000 tax credit for first time home buyers to continue through April 2010. The House is expected to approve this in the next day or so. Then on to the final signatures at the White House. This will hopefully keep consumer confidence up... I hope the extension allows for a balance in the first time home buyer market!
Carmelle Shea
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