Tax Credit has expired?! Doesn’t mean you shouldn’t buy

The real estate market experienced a huge amount of activity in April when many were trying to
take advantage of the home buyer tax credit. You needed to be under contract by April 30 and you must close by September 30th to take advantage of the tax credit. Realistically, except for the lucky folks who are buying a short sale and waiting on final sale approval, the tax credit is gone. There is another exception: If you were a service member on extended duty outside the United States for at least 90 days, you may qualify for a one-year extension.

While the Denver metro area experienced a large drop in sales activity in June after the credit expired, smart buyers know they have more choices, the lowest interest rates in history and more price flexibility from some sellers. If you are a buyer, then get out there with your agent and see what’s on the market. You’ll be surprised! If you are a seller, make sure you have an up-to-date comparables and you are still priced correctly.

We are seeing a lot of activity, even if it’s not as strong as it was in April. Don’t lose heart, our real estate market is showing some positive signs.


 
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3 Responses to “Tax Credit has expired?! Doesn’t mean you shouldn’t buy”

  1. Mark Jacobs says:

    After the tax credit expired our sales reached a 7 year all time low in Augusta GA also.

  2. It seems the market has taken a dive in many part of the country. I supposed it is to be expected considering so many people clamored to take advantage of the tax credit. The market simply exhausted itself.

  3. Josh says:

    We have seen some significant drops in interest as well. I guess my question is how bad will it be. Will people just hold out for the next “big thing”? Here is to hoping it picks up.

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