So here is the scenario, The economy is very tight and getting tighter, the unemployment is at a staggering rate and who knows what the future will bring, and here I am about to try to forecast the first quarter housing market. ( Let me first say; I am not a smart man; I do not have all the answers, but I do have opinions, so here goes)
The Tax Credit has been extended and expanded for any contracts accepted through April 30, 2010, with a closing date up to June 30,2010. The credits are as follows; $8000 max (for a purchase over $80,000) for a first time buyer (or a buyer that has not owned a home for three years), also an additional credit was enacted $6500, for the current buyers that have owned their primary residence for 5 consecutive years out of an 8 year period. (There are income limits and other concerns dealing with the credits and to obtain more info contact me and we can discuss your individual circumstances).
So, what does this mean if you are looking to buy and sell next year? For Sellers... DON'T WAIT!! The first quarter has all the incentives to help you sell your home. For Buyers... DON'T WAIT!! because the Tax Credits will run out and not be extended again. Interest Rates are currently outstanding... watch them carefully as they may change abruptly when the Fed stops buying mortgage backed securities some time in March.
Again, the first quarter of the year stacks up to be the best time of the year for both buyers and sellers. Don't hesitate, act now! If you or some one you know is thinking of buying or selling at some point next year; please share this article with them and pass on my name, email address (jeffrey.colt@century21.com) and phone number 203 264-1400 xt 2003. I would love to speak with them, assist them with their real estate needs and most importantly address the issue of acting now.
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