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As an agent, you're used to the hustle and bustle at the beginning of the spring season. Ice melts, flowers bloom, the grass is green again – all making shopping for a home a much more rewarding experience. But I'm sure you're finding this spring season much busier than you have before, especially with your homebuyers scrambling to make final decisions before the tax credit expires. After all, we are now less than a week from the deadline of a signed contract needed by the end of April, not to mention a final closing by the July 1st deadline.
As we continue to approach the deadline, the Homebuyer Tax Credit is continuing to affect overall home sales. Although not all markets are benefiting from the tax credit, the National Association of Realtors is reporting that existing homes sales in March 2010 were 6.8% above February 2010 and 16.1% above March 2009.
Additionally in this report, NAR credits the homebuyer tax credit as a significant reason for the jump in home sales. Moreover, NAR also cites “favorable affordability conditions” as part of the reason for the increase, indicating that the median existing-home price went up .4% over March 2009.
As more and more markets reflect this increase in homes sales, buyer confidence will continue to improve – especially as we near the end of the homebuyer tax credit period. Hopefully you’ve seen a jump in overall home sales in your market, or more specifically, directly in your real estate business.
How has the tax credit affected your market? Let us know in the comment section.