Still Looking To Buy A Home AFTER The Tax Credit Deadline Has Passed?
What Do You Expect Now?
The federal government, the National Association of Realtors, the local association of Realtors, real estate companies, and Realtors across the country did a great job of making the First-Time Homebuyer Tax Credit public. Consumers were informed with television commercials, YouTube videos, and numerous blog posts from the media about how to take advantage of the credit.
So, how did your buyers fare? Did they get the house they wanted in time? If you have buyers who are still looking for a home, how do they feel about missing the deadline? I had a relocating buyer come to the area for one day to identify a home. After submitting a low offer on a condo in a pretty sought after area, and being rejected, I received the following email,
"I can't believe that they'll [the seller] get what they're asking for, it's a buyers market. I'll just wait until I come back to the area, but I expect to be compensated for missing the tax credit and not getting my $8000."
I was stunned. Thankfully, this was sent to me in an email, because if we were face-to-face, then the buyer would have witnessed my 'Deer in the headlights' look. Not only was the offer rejected and not countered by the seller, but afterward, the seller received two other offers...one was all cash!
But seriously, if you've been working with buyers for a while, and keeping them informed of your local market conditions, it's pretty clear to see that in certain price points in certain areas like Northern Virginia, it's not only a balanced market, but it's more of a sellers market.
If your first-time home buyers missed the deadline but are still actively looking for a home, do they have any expectations from the seller in terms of compensation? Do any of your buyers feel entitled to an $8000 subsidy because the deadline has passed?
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