Let’s hope Americans procrastinate!

This week our listings saw an average of 2.1 showings each.   Activity continues to be strong and I’m hopeful that the upward trend which started this summer continues well into the fall.

The first time buyer tax credit which has been in place for months is currently set to expire on November 30.   For those first time buyers who qualify, this means an $8000 tax credit.   I fully believe in the American people’s ability to procrastinate and expect there to be a surge of first time buyers trying close in time to meet the deadline!

Normally, the fall season sees a slowdown in real estate activity.   However, given the slow start to 2009 and the expiring tax credit, I expect this fall season to finish strong.

For any buyer that qualifies and has  decent credit, income, and an appropriate downpayment, the first time buyer tax credit is not to be missed.   The only trouble is that time is running out.  

With the credit expiring on November 30, it would be wise to plan ahead to make sure that your real estate closing is set to happen before that date.   A normal closing takes 30-60 days.   Backing up 30-60 days from November 30 brings us to September 30.   This means that buyers have about 30-60 days left to find a home and get it under contract to leave sufficient time to close.  

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