I know that my personal experiences are anecdotal, and I am a firm believer in statistics, but I have seen a dramatic increase in the amount of activity on listings priced over $200,000 since the new $6500 tax credit went into effect November 7th.
In one case, a beautiful home that sat for months almost unnoticed suddenly had two acceptable offers within a few days of each other. And the number of showings has nearly tripled in this range.
Could this be the kick in the pants the market really needed to jump start itself to a recovery, or merely a result of some pleasant fall weather? Only time and complete data analysis will tell the true story.
But for now, I’ll just enjoy the boost in business …whatever the reason!
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I think that the credit and time have finally gotten together.
It seems to be working
Richard, Some times is good to just accept the positive results of normal market fluctuations, but a boost given by the new tax credit couldn't hurt.
Not yet here. We seem to always be a bit behind the rest of the country in trends...
Heath...
I think so too ... a lot of ready to buy fence sitters were nudged! THX
Janice...
At least for now! Thanks.
Steve...
At least some good things are happening NOW!
Richard,
Go with the flow my friend. Lets see if it has legs to carry it through when the credit expires.
Rich
Hi Richard,
Glad to her te activity has picked up in your market area. We always enjoy a fall market and the tax credit has not hurt activity. Good advise to go with the flow and analyze the statistics after the ride!
Hi Richard:
I'm with you...no coincidence.
It's a direct result of the tax credit.
Glad to hear that business is good there!
I think that is good news Richard. I am waiting to see what happens with this in the coming months.
Richard, any boost in business is lovely. Enjoy it, sweetie. Looking forward to checking out the 2010 stats. :-)
Richard, I think the tax credit has something to do with it. Maybe people who sat on the fence and missed the last deadline are getting serious. I hope it continues.
Richard: The higher price ranges started getting some action here too, though before the tax credit was expanded to existing owners.
Hi Richard. I have done an about face on the tax credit issue.
I like the new one. It impacts many many people. Basically anyone that has owned their home for 5 years...
Thanks for writing,
Ken
Richard - I think that the jury is still out, but, glad to see that you are seeing an uptick in the higher ranges. We experienced that here in October.
Hi, Richard:
We'll see if the appraisals keep pace. Good luck with your suddenly busier workload!
Cheers,
Robin
Whatever the reason is, the extra surge of business can not be denied. We're experiencing it here too in the higher price bracket. Recent numbers all point to good news. Enjoy the boost and ride the wave as long as it shall last my friend.
What ever the reason is for the business, just take the business. I have not seen a noticeable increase in activity for higher priced homes just yet, but I am sure there will be some impact.
Things here seemed to have quieted at the end of October. In my business the results are a bit delayed from what the agents see.
I hope to see the same in our market.
Richard, that's good news. I've seen some additional activity, but not as much as you have. Maybe I need to get the word out more!
I see showings up a bit..but no real additional ink on [paper happening yet.
Thanks for sharing this Richard!
I hope you are right, I've got my fingers crossed!
Hi Richard, with the combination of very low rates, the tax credit, and low prices with great inventory . . . the market should really start moving in a positive direction.
I haven't any direct experiences as yet BUT I have spoken with many people about the credit and whether they may qualify should they decide to make a purchase in the next six months. I think that in itself is a good sign that the program will work.
You know what? The tax credit hasn't really impacted pricing. There are two possible reasons for this:
1. Our market resisted correction UNTIL the stock market crashed. So we are in the midst of prices going down - and this has not stemmed that downward trend.
2. Our area is so high-priced, such a credit is probably not going to have that big of an impact.
I'm glad that it is working in your area, but I think the results are influenced by local conditions.
We picked up some here a couple of months ago; it was before the tax credit was extended. It's good to hear that other areas of the country have picked up. Hopefully it will come this way.
This is a time to be grateful. Take the challenges and embrace them for what they are worth and just keep moving forward. The consumer needs us more than ever now.
I agree stalled here as well.
Good for you on this market change. We've seen a consistent search and buy but not an increase. I fully expect the Spring Season to begin in mid-January.
Richard....everything seems to be pointing in the right direction for us to have a really good 2010. Thanks
I believe that it is working...together! With all the challenges that we face in this economy it is nice to see the meter climb up!
The upper bracket homes have definitely been on the market longer in my area. I'm hoping that it will give that segment a swift kick!
It seems that the tax credit is working in our area too. We are busier than a normal winter season. Thanks for writing! :)
The tax credit seems to be working. I hope buyers sitting on the fence will not miss out.
It's definitely helping my area (Joliet/Plainfield IL). Though I think awesome interest rates are helping almost as much.
Richard -Thanks for the happy news, whether anecdotal or not! I too have seen a few more higher-priced listings going under contract....maybe it is because of the $6500 tax credit? And maybe jumbo loans are becoming more accessible? Not sure what the reasons are but I'm liking it. :)
I'm happy for you but really cannot see that it's making a difference here. As we approach spring, perhaps we'll see a positive change. Our market is still falling and anything over $400 sitting.
I agree the Expanded Tax Credit Program is working. If we can keep the interest rates down this year the tax credit will get us off to a good start and we will have a better year then 2009.
Michigan is only leading the way in unemployment right now. And most folks I know are a bit cautious of "free" money offered by the gov't.
I like how they expanded it to include current homeowners. I've had several clients get moving as a result.