This is it - the end of the Homebuyer Tax Credit

It appears that there's little hope for an extension of the now infamous "Homebuyer Tax Credit". Every
Realtor, Settlement Attorney, and Lender is crazy busy through Wednesday as you've got to settle by 6/30 to be eligible for the credit. Although the credit certainly seemed to boost home sales in the $800K and below price range, the reality of the situation is that it's still a great time to buy a home. In most cases buyers can negotiate the list price down these days.

For example, if you had purchased a home for $800,000 this month, you would have been eligible for the 1% tax credit ($8000). That was the maximum buyers could receive with the credit. Don't get me wrong, $8000 is a lot of money, but if you're looking to buy a home now all is not lost. Even though the credit is going away, there's still plenty of room for negotiating the sales price down somewhat in today's market. Interest rates are still incredibly low. Jumbo loans are available again, and the rates on those are even amazing.

Personally, I'm optimistic that things are turning around for our economy as a whole. Although home sales continue to be slow in the over $1.2 million price range, homes under $1.2 million sell fairly quickly if they are well maintained and staged to show well. Buyers are out looking. My Open Houses have been very, very busy over the last several months. That's a good sign. I'm hopeful that although the tax credit is ending, we'll continue to see the local housing market recover nicely.

Wish you and yours all the best,

Colleen Barlow, Realtor

W.C. & A.N. Miller Realtors, a Long & Foster Co., 10200 River Rd., Potomac, MD 20854