Here's a carrot on a stick:
The carrot, of course, is the $8000 First Time Homebuyer Tax Credit. This tax credit is expiring in T Minus 100 or so Hours. That's right, in order to take advantage of the tax credit, it is necessary to find and have a ratified contract on a house by 11:59:59 p.m. on April 30th.
That's no trick. And after all, you're no silly rabbit,
If you were going to buy a Northern Virginia home anyways, the tax credit is a nice bonus. If you were thinking about buying a home, perhaps the tax credit expiration lit a small fire under your bottom and got you off the proverbial fence.
However, if you were not planning on a buying a home in Northern Virginia, or were not quite ready, this tax credit and its expiration has little meaning to you. You will buy a home when you are ready -- not because there's a little bit of free money available in the form of a tax credit.
People will not stop buying homes and sellers will not remove their homes from the market on May 1st after the tax credit expires. I can assure you of that.
To get started on your Northern Virginia home search with or without the tax credit, give me a call at 703-626-0715 or send me an e-mail at brian@brianblock.com
Thank you for reading my blog post. If you like what you’ve read, then please:
Follow, Connect, Watch, Subscribe
If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
you can visit my main Northern Virginia & D.C. real estate website at www.VirginiaRealEstateNews.net.
Brian,
I actually have buyers who are waiting for May 1 to make an offer on whichever of several places is still on the market. They make a bit too much money to get much of a credit and feel that homes are being bid up during the final frenzy. I thought that was an interesting take on it.
I also have two sets of buyers who don't qualify for the tax credit who are willing to wait for the right place. However I do have a slew of anxious sellers who had hoped to have houses under contract by midnight on Thursday :-)
I talk to people every day who still think the Credit will be extended throughout the remainder of the year. When I ask for their source, they can't seem to remember where they heard it. Come May 1st, that terrific incentive will be just a pleasant memory.