The Housing Market is moving at a snail’s pace. Reaching the recovery finish line will happen, but it will be a slow process. Even with the first time homebuyer’s $8,000 tax credit and the $6,500 tax credit for homeowner’s who’ve lived in their home for more than 5 years. The market is still weak and there is little indication that the tax credits are generating much activity.
Needless to say, buyers must sign sales contracts by the end of April and complete their transaction by the end of June, to qualify for the tax credits. Which means, buyers need to start acting now. Tough lending standards and buyer’s reluctance have kept sales down. Until job growth resumes, housing demand will remain weak.
I think the government needs to step in and should extend and expand the program. Georgia Rep. John Isakson as well as, Chairman Christopher Dodd and many bi-partisan congressmen also agree to extending the program and raising the tax credit to $15,000, to all buyers regardless of status or income.
As much as I wish we could move faster to a housing market recovery, moving at a turtle’s pace is still better than at a snail’s pace. The clock is ticking, let’s get these buyer’s moving!
And thank you for making me Your Orange County Real Estate Connection. www.MichaelCarusoRealEstate.com
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI 2007 President, Orange County Association of Realtors (949) 753-7900