Will the Tax Credit Expansion Really Help Sellers - Moving Up?
The Tax Credit Extension for First Time Home Buyers until April 2010 is great and will keep the momentum going for some markets. The Expansion to Homeowners who have lived in their home for the last 5 years, makes me kind of do a Hmmmm.
If we really think about it, once signed in to law the most important step for sellers will be to Sell their "Existing Home"! We have one of the best and most robust markets in the country, here in Fayetteville. But, with the holiday months coming, just like most markets we see a slight downturn.
Sellers typically do not like to place their homes on the market during the Thanksgiving & Christmas holiday months. In essence, if Sellers delay we would only have a total of about 4 months to list, sell, find a home and place under contract (with a Contingency on Closing on their Existing Home).
Motivated sellers that have a sense of urgency will most likely fare well in selling their home during the Thanksgiving & Christmas holiday months. This motivation and sense of urgency will help ensure they don't miss this rare opportunity to sell their home, upgrade and receive the proposed $6500 tax credit.
;)
;)
Eric,
Hopefully the tax credit and the expansion to homeowners will continue to push the Real Estate Market. Many of my first time buyers have been driven heavily by the tax credit and I am sure that for sellers who have been thinking about moving up and taking advantage of getting the home they want for a cheaper price, the extention to homeowners will be a nice incentive. The home sellers and buyers that are active during the holiday season are generally quite serious about their pursuits. Those that are willing to take the plunge during the holiday season are likely to reap great rewards. Bring on the holidays, the tax credit and the extension!!!