Wednesday, May 26, 2010

The tax credit is over, now what?

With so many people taking advantage of the Home Buyer’s tax incentive that ended in April, what does that mean for a potential buyer now?

Well, it can be good news. During the last 2 months of the tax incentive, it was close to impossible for us as Realtors® to a.) find a home that suited our client b.) put an offer on it before 8 other agents did c.) offer less than list price.

Granted, the $8000 credit is a hefty amount of money, but if you were not in a rush to purchase, this could have actually cost you more. During the last few months, buyers purchasing homes OVER list price was not uncommon. The bidding wars were great for sellers, not so great for buyers. So, if you are feeling a sense of “loss” because you missed out on the tax credit, don’t. It might just have been a blessing in disguise. Now you have more opportunity than before to find a house you love and perhaps even get a deal on it!

Two days after the tax credit ended, I was able to negotiate a contract for $45,000 off of the list price for a client because there was no incentive for any other buyer to “rush” to purchase. Now, that’s a lot of money! If you are in the market to purchase a home, or know someone who is, please send them my way and I’ll do my best to make that $8000 credit look like pocket change compared to what they will save with my negotiating skills!

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