WHO KNOWS! At this point reports regarding extending the government tax credit seem to be changing by the hour. On Monday reports stated it would under no circumstances be extended; by Thursday the media was a-buzz with a potential compromise that will extend the timeframe. The on-again/off-again tax credit extension includes numerous revisions of what may be included if it survives the current November 30th deadline. By the time you read this, it may have changed yet again!
Regardless of the pending tax credit compromise, market indicators point to the probability that home sales will continue to improve in our area as unemployment decreases and the stock market rises. We can anticipate higher home prices, and perhaps an increase in interest rates, by the first of the year. This does not necessarily mean we are out of the proverbial woods, but it certainly supports conditions where new home starts and improved residential re-sales in Richmond will steadily rise.
So, anticipate positive changes in the real estate market, and understand that it's a wonderful time to buy and sell a home. Get moving now while conditions for great housing opportunities remain available, with or without the tax credit. Contact your most trusted real estate professional so you may secure the home you are looking for today.
John VanderSyde is an Associate Broker with Virginia Properties, a Long & Foster Company, and is also a Licensed Architect. Contact John or Ann VanderSyde for more information at (804) 282-7300.
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