Tax Credit Due To Expire June 30th - Home Buyers and Sellers, What Are You Waiting For?
The tax credit will be expiring on June 30, 2010. Everyone has to be in contract by April 30, 2010. What are you waiting for?
If buyers cannot afford to buy, then of course you can't buy. But the buyers that can afford it now, now is not the time to hold off. Mortgage rates will be going up to 6% by or before the end of 2010. The government seems reluctant to extend the tax credit again. I wouldn't count on it this time. It would be nice though!
Are you waiting for a dramatic decrease in the long island real estate market? Not going to happen.We've hit bottom and have been flat-lined for a few months now. If the market does go down, it will be slight.
The home selling season on Long Island usually starts in March and the way I see it, that is when we will see more homes coming onto the market. January and February have been slower than we all thought it would be since the tax credit deadline is looming. We really thought there would be this sense of rush, but that has not happened.
I think sellers are waiting for the nice spring weather to come along. That is a mistake. Waiting for mid or late March is cutting it close. What if it takes 45 or 60 days to get a buyer? You will go past the tax credit contract date of April 30th and that means many buyers may not buy your home. The longer everyone waits to put their home on the market, the more competition you will have. Are you waiting for a dramatic increase in the long island real estate market? Not going to happen. In order to have a seller's market again, unemployment has to go down to at least 4% and salaries have to rise. That will happen when the job market increases and that will happen when the economy gets better.
Whether you are buying or selling, chasing the market is like trying to walk up the down escalator.
Cell: (631) 703-0201
Office: (631) 226-5995 Ext. 242
Email: JackieC@century21aa.com
Website: www.longislandrealestatelady.com
Website: www.lindenhurstnyrealestate.com
Blog: http://jackieconnellyfornuff.com
Skype ID: LIRealEstateLady
