With less than two months remaining to enter into a contract to purchase a home and qualify for possible tax credits, the level of buyer activity will elevate to frenzy in the immediate days ahead.
The last minute buyers will compete for what remains in an artificially diminished inventory, and many will be force to “settle” for a property that does not meet all of their expectations.
But what will happen in the days after April 30, 2010? Many predict that the market will grind to a halt because buyers have come to depend on tax credits as part of the value proposition, and that once eliminated, there will be little or no reason to purchase real property.
Nothing could be farther from the truth. Real estate has never been more affordable, and even though there may not be an immediate cash benefit via a tax credit, the opportunity to purchase value-priced real estate will continue to encourage buyers across the board to continue to invest in piece of America.
And the inventory of homes available for purchase will become normalized as buyers are motivated by the true market forces of supply and demand rather than a dangling carrot on a string.
So while there may be a few weeks of lower activity as the market stabilizes, eventually we will return to a market driven by a broader spectrum of buyers that are drawn to a better selection of properties at historically low prices.
Which should lead to a long, hot summer of real estate sales!
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