So many people have commented that May 1st, the day after the homebuyer tax credit expires, will be like the day the Cash for Clunkers program expired for the auto industry – the loneliness day for those sales people. But, truth be told, I have a busy weekend planned. I’m still meeting with clients to look at homes, I have an open house, and I just partnered with a new client who is relocating to the area later this month. And, I have first time homebuyers who qualified for the tax credit, but didn’t find the home of their dream so we’re still looking.
There’s no doubt that first time homebuyers were driving this market surge. Approximately 40-47% of the homes sold over the past four months were to these buyers. Traditionally, this buyer pool makes up only about 30% of the market. But, if these buyers didn’t find a home by the credit deadline, they should continue their search. Interest rates are still very low and really drive affordability more so than a tax credit.
What I know about real estate is that no matter how bad the economy is, people still buy and sell homes. People get married, divorced, die or relocate for a new job – all of these life changes happen in good times and bad. Tax credit or no tax credit, I’ll be working hard to help my clients no matter what life brings them.
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