Mike Licht, NotionsCapital.com Flickr Creative Commons
The current tax credit ends on April 30. That is buyers need to be under contract by April 30 anyway. Many of us have seen a nice flurry of activity over the last weeks/months fueled by the current tax credit offer. I certainly like having the extra activity but I was opposed to the tax credit because its a short term boost and not a long term solution.
So what happens when we wake up on May 1? Hopefully at least some of the current buyers will stay in the market. I believe that after the tax credit ends we see supplies going back up and prices edging their way down, so it will still be a good time to buy. But that does mean dropping prices and more homes for sale, just like it was before the tax credit ever started.
My prediction is that in the next few months, after the hangover sets in, the government will come up with a new even larger program to try to boost home sales. They will throw many at the problem instead of working on long term economic solutions like job creation. I hope that I'm wrong and on May 1 we wake up with just a mild headache.
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