Q: Will the expiration of Home Buyer Tax Credits have a major impact on the homebuyers? Or will the ending of Home Buyer Tax Credit unlikely to deter real estate buyers?
A; I don't think there is any doubt the ending of the Home Buyer Tax Credit HBTC will affect the real estate market negatively. The question is for how long? My opinion is that the affect will be short term. Again it is my opinion that with the deadline of the HBTC gone, more people will start to take notice of the value that is available in the short sale market.
There are many quality homes for sale at greatly discounted prices that have been overlooked because of the deadline imposed by the HBTC. Traditionally, short sales have taken a long time to close. However because of the negative effect of foreclosures on the economy, the Obama administration is bringing pressure to bear on the banking industry to speed up the process. This speed up is becoming apparent. I am looking for these sales to pick up.
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