No 'frenzy' to beat homebuyer tax credit deadline

[MJ DeMarco]

The $8,000 homebuyer tax credit has had an impact: Reports from around the nation are that contract signings have been way up the past few weeks as people prepare for the credit to expire on Friday.

More...

 

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[Red]

Ok, so I know this is persnickety, but was I the only one appalled by the grammar in this article? LOL, staff writer, eh? Wow.

PS: we're seeing a HUGE frenzy here in the valley -as of right now:

Single Family homes Active for sale: 26,116
Single Family homes Pending: 20,217

ALL dwellings Active for sale: 33,380
ALL dwellings Pending: 23,585

In all my years in real estate... I have never seen numbers like this, not even in the boom.

 

[MJ DeMarco]

Yea but have prices gone up? In every neighborhood I know of the property values continue to decline. If they have stabilized, I haven't seen it.

 

[hakrjak]

Any activity is good activity..... When things were really bad awhile back, you couldn't sell a house at any price.

Cheers,

- Hakrjak

 

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[Red]

Yea but have prices gone up? In every neighborhood I know of the property values continue to decline. If they have stabilized, I haven't seen it.

There are plenty of zip codes that have hit their bottom and are being bid back up right now (and not just because of the end of the deadline). Most of these pockets are in the outlying portions of the valley where the cost of purchase undercuts the actual cost of construction -but not all. The homes of which I reference are on the MLS being offered for standard public sale (as opposed to opening bids at the courthouse steps) with price points usually under $250K.

Now will it continue after this deadline passes? I don't think it will continue at the same pace (obviously), but I do predict nominal appreciation in many areas in the valley & still expect to see multiple offers/bid wars on properly priced homes. On the other side of the coin, there are still many portions of the valley that still have some hard adjusting (and not in the happy direction) to do.

 

[hatterasguy]

My area is pretty stabil, you guys out west are still getting hosed from what I hear.