We’ll it here feared by many realtor and economists the tax credit end. What will it mean and is there a chance it will come back. There has been a lot of interest in buyers that can qualify to get in before the end. The home across the street from me in the avenues is for sale and I saw a young couple looking in the windows and I took the opportunity to grab my realtor key and let them in. Darn they had a realtor and they were making the final decision to buy Wondering if I Street was too busy a street. I said yes there is that and the bullet bike race up at like 2 am every Friday in the good weather but there is one huge factor that makes it the best street in the Avenues. It’s the emergency route for the fire and hospital so it’s always cleared of snow first. They put ice melt down before snow starts and never stop. Most of the side streets will have a foot of snow we have none.
Back to the tax credit, they were making their final decision for an offer. No short sales just real homes they can buy and they would make it tomorrow. So yes there will be a lot of homes put under contract over the last month probably ½ will actually close. After that home buying will pretty much stop until November when the new tax credit will be announced because the stock market will be dipping under 10,000 and the National Association of Realtor will be lobbing up a storm. For the realtors out there; it’s going to be an investor summer start learning the auctions and you’ll make it to fall.
To summarize The Tax Credit for Home Buying will be a big success. It will be talked up by all. It will end and not be extended. In August the home buying # will begin to fall. September will be record lows, in housing stocks will tumble and the government will look for the National Association of Realtors to lead the rally call we need a bigger better Tax credit. It will be voted on and pass we’ll hear Barry Frank babble on about it and our president will have a really good Photo opt and VP may say it a really freaking big deal. There will be lots of bipartisan grand standing. What should happen is FHA should be a 100% loan and that would solve the problem and not waist all the money we’re doing with tax credits. Were a silly country some times. Fix the problem of down payment and underwrite the way it’s done now. They have to have real stable income to get a home. That will get a study housing market back on its feet. Not Tax Credit Gimmicks.
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