When the tax credits expired on April 30th, many feared that the real estate market would soon follow suit. Initial indications are that is not only has there NOT been a slowdown, but that the market is actually robust and moving forward.
Lenders are suddenly able to process loans a bit more quickly and with an increased level of confidence, and interest rates are still incredibly low.
Credit and the ability to purchase has always been the underlying engine that drives the housing market. If there is a way to get investors back into the borrowing game, things would improve dramatically.
So as the market gains steam, it is important that the throttle is left set to “full speed ahead.”
And we’ll arrive at recovery ahead of schedule!
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Richard....you know as well as I that if we all continue to do our work and daily tasks that are required, business will continue to improve....we need to work full force.
Good morning Richard,
So true! We are working non stop and are engines are running full force! Great analogy!
As long as rates remain low, we're in good shape. But eventually they're going to start creeping higher!
Availability of credit is key to selling just about any home. I've got huge inventories around me that could be sold if they were in better shape and eligible for FHA or (better yet!) USDA. Five to twenty percent down just won't happen for a lot of these properties. No financing = no sale.
Richard..it is full steam ahead..thanks for the posts!!Have a great week
It does look as if things are moving ahead in spite of the end of the tax credit! As long as interest rates stay reasonable and credit is available...but government spending may impact us in the future.
Richard, We have seen a little slow down in our market, but we had a huge group of first times who felt they "needed " the tax credit to buy. We willwait and see what happens over the next 30 days. If many of the 1st timers drop out, then our prices will continue to fall.
We all need to remember the little engine that could. He tried and tried and then with a little help and some self confidence nothing could stop him.
It is still going well for us....with the glut of bank owned homes in our area it will be awhile before prices start to go up....which is good news for investors!!! I still have buyers calling...and sellers who NEED to sell! SO i will be the little engine who could!
Richard, when the destination is one we seek arriving early is a big plus, lets hope the engine picks up steam.
Richard, great post, I personally believe that the market could go either way, it is not that I don't beieve it could, I just see that there are too many variables that are unstable to make any solid predictions. Until we see new construction robust I don't believe any recovery will be permenant....just my two cents
Richard hope your predictions of "full throttle ahead" hold true for all of us. I seem to think that its just the spring market doing what it usually does.
I too hope your predictions are true! :)
Destination: Housing recovery! Full speed ahead!
Thankfully, lenders are willing to lend and buyers are anxious to buy!
Good summary, and great hope!
Very true Richard. I would lso like to add Consumer Attitude to this as people afraid of losing jobs won't be buying even if there's lots of credit available.
Richard...No slow down without the tax credit here. In fact, I have seen more calls this last week. Now let's hope they leave thinga alone.
I agree sir....we are showing improvement so far this year over last year and the phones are still ringing.
Richard, it's too early to tell here, but let's hope that things keep moving everywhere. It would be great for all involved.