Wow. I knew the $8,000 tax credit would help with home sales, but when they made it available to first time buyers NOW--my phone started ringing like crazy! The idea of having most, if not all of your closing costs covered, was just more than these buyers could resist. Apparently lots of young buyers, and old ones too for that matter, that have been thinking about buying a new home just needed a little nudge to push them off the fence. In my case, all of my clients have enough money for the down payment, but not for the closing costs AND the down payment. PROBLEM SOLVED! With the $8,000 in the mix, they're good to go.
Now, my biggest concern is how long it will take the lenders to catch up! I think all of the details and procedures are still being worked out. I think the announcement by the Feds may have been a little premature. In a perfect world they would have given the lenders a heads up that this was coming. I have faith in them though. As long as they have their act together by the time my clients close in 30 days, I am happy as a lark!
I hope this momentum keeps up for a while. I think we're finally making a dent in the short sales and foreclosures with this new group of buyers. It will take a while, but one of these days the "distressed" homes will be off the market. I'm happy to help with the clean up! :)