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Joe Loomer
December 9, 2009 at 6:28 am
I guess what I learned is that I had seriously underestimated the effect the credit had on our market. November sales of single family homes were up 60% over November 2008. A massive increase considering that boost only brought our market to -2% below 2008’s total sales numbers. Since most of November’s closings where on contracts written BEFORE the credit was extended – one has to believe there was a lot of last-minute scurrying by 1st timers to get in under the gun….
Let’s see if the extension and expansion has the same effect on the rest of the winter market.
Navy Chief, Navy Pride
Lani Rosales
December 9, 2009 at 9:59 am
Joe, some people feel like the extension granting has caused cynicism and a lack of giddyup in the market- people may now say “oh, they’ll extend it again, I’ll buy when I feel like it.” Are you finding that to be the case or not in your own market?
Joe Loomer
December 9, 2009 at 10:16 am
Recently, Senator Johnny Isakson spoke at our board office. He was adamant that there will be no more extensions to the credit. He also was quite animated about the sole reason for the extension was to protect equity as we seem to begin to pull out of the recession – not to give 1st timers a leg up.
I’ve been an opponent of the tax credit when wearing my citizen hat, and a proponent in my Realtor garb – but I can’t argue with the numbers here in our market. My SOI also seems somewhat energized about it and not too cynical….
Navy Chief, Navy Pride
Karen Goodman
December 10, 2009 at 12:01 am
Thanks for pointing this out. You just gave me a great idea for a post – how college students and their parents might take advantage of the 1st time buyer tax credit, plus links with homes and condos in walking distance to the schools.