Unless you have been stuck in a closet or under a rock for the past several months, you know that the deadline is quickly approaching for both the first time home buyer $8,000 tax credit and the $6,500 tax credit for repeat home buyers.
Anyone wanting to get either of those credits must be in contract by April 30, 2010. These incentives have certainly provided a boost to home sales across the country and in Lincoln. We are likely to see a rush from buyers to find a home and make an offer before the deadline hits. So, what happens after April 30th?
It’s possible some of these home buyers are making the move now instead of waiting until later this year. Perhaps they are getting married in the fall, or expecting a baby later this year, and they know they want to buy a house in 2010 so they have decidded to buy now and get the incentive. Does that mean realtors and home sellers will be sitting idle later this year? Perhaps.
However, I have encountered some buyers who are not going to let the promise of $8,000 force them into making a decision on a house before the right one comes along. Other buyers are betting that home prices are somewhat artificially inflated now because of the incentives and they are expecting home sellers will be more willing to negotiate later this year.
Your thoughts? Let me know.