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Is There an Advantage to Buying After the April 30 Deadline?
I have blogged before that the stimulus package, set to expire April 30, has fulfilled it's purpose. Sales in Westchester for the first quarter of 2010 have dwarfed those of the 2009 first quarter. This may seem hard to believe, but that $8000 tax credit is now over a year old. The Westchester County housing market, good or bad, has been reflective of this law for quite a while. With no substantive efforts I know of to extend the credit, after May 1 Westchester will have a more organic market with which to either put up or shut up. 
So what will happen May 1st? Will buyers give up, now that the tax credit will be gone? Will Westchester sellers get more motivated now that a small piece of leverage they enjoyed will be gone? 
Yes and yes. It will remain a buyer's market. Here is what I think will happen after April 30, 2010. 
Every house will lose $8,000 worth of value. Poof. Buyers will try to compensate for the loss of the credit by negotiating lower prices. Sellers will have little choice but acquiesce if they want to move.  Sellers will get more motivated, and in many cases, desperate. Because of ... more

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