Well that dreaded date has past – the ‘sun-downing’ of the Government’s Home Buyer Tax Credit on April 30. Things got pretty busy there in April, our Chico office opened dozens of escrows in the final weeks of the month. Now the big question is: with the tax credit over will people still buy?
The tax-credit fever, combined with the first weeks of warm spring weather even seemed to incite sellers into a listing frenzy. Mark and I substantially increased our listing inventory in April and we were able to find buyers for a couple of them soon after putting them on the market. Those that we didn’t find buyers for are now waiting to see if there are enough ‘non-tax-credit-motivated’ shoppers out there to continue the increased purchasing activity.
One positive sign is that sellers know that there may be a window of opportunity left in the spring/summer buying season to complete a sale, and many are pro-actively adjusting the price of their homes weekly to assure that it stay’s fresh in the mind of buyers and to find that ‘sweet-spot’ pricing that motivates buyers to take action.
Savvy sellers, educated by the market and driven by a long period of anemic sales are making the right choices to keep the momentum started by the Home Buyer Tax Credit alive.
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