With roughly a month and a half left before the Governments $8000.00 Tax Credit offer expires, I've been working very hard to get my Buyers to make a decision on buying a property before it's too late. I've explained we should not take for granted a 30 day close and that a ‘cushion' of an extra week or two would insure they will close on time and qualify for their credit.
Now, in my 12 years in real estate, I've never been able, nor have I tried to motivate anyone into doing anything when it came to buying a home. My skill...and for many of you...is to educate and help them understand the benefits of homeownership. Conveying that over 60% of their overall wealth will be in their home, my job was to not sell them a home rather sell them on the profit of mind and wallet of becoming a homeowner.
Lately, my energy has been on getting folks to understand the $8,000.00 tax credit and how they can reap their reward. But, what I heard from not one, but two different buyers over the weekend was interesting to say the least.
Both these couples told me they are convinced the tax credit will not end on November 30th and they are not too concerned about making an offer because they know the Government will extend it. I asked them how they knew this and they said, "Just take a look at the track record of 2 recent deadlines." First, the "Cash for Clunkers" which most would say was a resounding success for the auto dealerships around the country. That was extended due to popular demand (I guess). The second, oddly enough was the switch to Digital Cable of all things. One of my clients smirked that the message we were all going to Digital transmission was over 6 months long and when it came time and we were all ready to receive our much anticipated Digital signal...the Government decided to extend it another 4 months for whatever reason.
I'm not sure if any of you are running into this or if I'm just an isolated case...please chime in and let me know if you have any first time buyers who are not feeling the pressure to buy even with the $8,000.00 Tax Credit deadline looming.