Those who patiently waited are finding a tremendous buying opportunity, A few months ago I wrote about how those who did NOT buy during the First Time Home Buyers Tax Credit might be the ones who end up benefiting the most... Well, it looks like that was an accurate assessment. The tax credit has expired and home sales are dropping significantly. The reality is that I would rather get 40K off of a 400K home than pay 400K and get an 8K tax credit. Over 2 million first time home buyers jumped in and bought new homes during this subsidized period. For those that did buy it probably wasn’t a bad decision but it demonstrates the real weakness that exists in the market and that people were focused on the wrong thing; a tax credit vs. the actual value of the housing market. Those who waited will now have less competition as there are fewer people in the market generating less demand. There is the additional benefit that they are actually benefiting from historically low interest rates. Now really is the time to buy...
By Lanny Berg
Desk of Zach Trailer
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