Its official, the First time home buyer's credit has gotten into her carriage and driven away.  Will she return with a new gown to attract more buyers to fill up her dance card?  Or has her carriage turned into a pumpkin never to be seen again?  She certainly had a grand time the last two weeks of her existence.  Plenty of first time homebuyers were able to find that glass shoe which qualifies them to receive $8,000 from Uncle Sam as a reward for being an escort to his pride and joy. 

For those of you in the market the later part of April, trying to either buy or sell, what you saw was reminiscent of the mad rush that occurred in 2004-2005.  We once again saw homes with multiple offers, new listings selling in 3-5 days, and running into other prospective buyers when viewing houses, time and time again.  It was both encouraging to see, yet also extremely frustrating to experience.

After being outbid on a home, I had a young couple ask me if the market is on its way to recovery.  I had to respond yes, but also sadly no.  Historically speaking when we experience down times like these, we will have moments that give the appearance that we are pulling out of the recession, and then there will instances that feel that we are slipping backwards.  With the impending rise in interest rates and adjustment of ARMS, we could very well likely see an increase in foreclosures.   This market is definitely not easy to predict. 

Portions of this economic stimulus did accomplish its desired results, while other aspects did not.  The first time buyer's credit did seem to spur and influence some buyers into jumping into the realm of homeownership.  But as far as the repeat home buyer's credit was concerned, I'm not sure this did much to convince these seasoned home owners to step up.   

If you were fortunate enough to enter into a binding contract prior to the April 30^th deadline and qualify for the $8,000 tax credit, congratulations.  If you are still in the market looking for a home there are still plenty of deals out there to be had.  You may not have the benefit of the credit but you will certainly be able to find a deal, whether it's the sales price, or finding that move in ready home e that is move in ready, or both.

Again if you are in the market to either buy or sell I would love the opportunity to "serve you".