As we approach April 30th there is a unique blend of thoughts I hear around the infamous home buyer credit. Some Buyers say “It would be nice to have but I’d rather get the right house and if we don’t before April 30th, then oh well…” others are doing everything they can to diligently find a home and benefit from the extra chunk of change.
Because the administration extended the tax credit last year, there is also a perception of another extension. Will it happen? We will probably find out a week to two prior but after speaking with several lenders, they are concerned with the amount of money left in the gift basket.
Granted, the market has been given some outstanding opportunities to catch a great deal. The quality of the home (location, price, size, condition and how it makes you feel) are the imperative factors when you seek a new nesting ground but receiving free money is hard to ignore. The market has woken up in a hurry where regardless of statistics and news reports, the phone is ringing with opportunities and folks are actively looking. This has allowed for several listings to celebrate a contract. We have successfully sold 75% of our inventory over the past 60 days and are accepting new listings with hopes the momentum continues.
In my eyes being on the front line my question is this: What will happen May 1st?
I welcome your comments, thoughts and questions.
Mario Bilotas | Managing Partner | Four Daughters Real Estate