Much like the successful Cash for Clunkers campaign that spurred automotive sales, the $8000 federal tax credit has pulled buyers off the fence and given them an incentive to purchase a home. This is good news not only for buyers, but for sellers. Typically after the summer months, you see a sharp decline in home sales and listings, but this year may be a bit different. I've spoken to many buyers who still have several months left on their apartment leases that are willing to pay to get out of their lease and into a home. An example of this would be that if somebody pays $1000 per month in rent and still has 2 or 3 months left on their lease and they qualify for the full $8000 tax incentive, it would make fiscal sense to take the plunge and buy a home. I predict that as November 30th steadily approaches, first time homebuyers will still be out in droves trying to take advantage of the incentive. Good news for sellers, buyers, Realtors and everybody in the housing industry.
For more Austin real estate information and news, please visit my site at http://www.RomeoM.com or you can call me directly at (512) 743-7820.
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