The first time homebuyers tax credit is about to expire. Despite that fact, there are very few buyers out looking to take advantage of it. At least that is what we are seeing. It is really amazing that first time buyers are so quiet since this is a great opportunity. Prices are still low and buyers can potentially get reimbursed their down payment and some closing costs.
There is a sense however that there may be a mad rush at the end. Most buyers wanting to take advantage of the tax credit should be under contract by Oct 15th, or there will likely be a major jam trying to get later executed contracts closed and some people won't make the deadline.
It will be interesting to see if the tax credit is extended, but I wouldn't want to risk it. Just some thoughts regarding this issue. We will have to wait to see what comes next.
I am a Realtor® in Red Oak Texas. I have many years experience as an investor and work to further my knowledge and effectiveness in the Real Estate industry on a daily basis.
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