November and December are traditionally the slowest time for sales on Long Island. If the $8,000 tax credit is NOT renewed I think sales are going to fall off a cliff. My area is primarily 1st time buyers anyway, and they have certainly taken advantage of the great choice of homes available, the low interest rates and the $8,000 tax credit. I know we saw a big difference in the number of buyers and sales this summer and fall due to the credit. People are surprised when we say the summer is the second slowest time of year for sales here. Yes, you get people on vacation who take time to look at homes, but often decide not to buy.
Now, with the real deadline of November 30 to close to get the credit, buyer's ran to purchase.
I think it will be an interesting last 2 weeks of November to watch the lawyers (yes, we use attorney's to prepare contracts and close real estate on Long Island) and banks get pushed by all the buyer's to close before the deadline. Kind of like December 31 on steriods. Everyone wants to close before the new year for tax purposes.
If the credit is not renewed or extended, we will see a big drop off in buyer activity.
It is still a GREAT TIME to buy a home. Prices are down, interest rates are low, lots of choice to find the right home...
This property SOLD IN LESS THAN 2 WEEKS!
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