I also saw one of your listings a few months back. Your presentation is phenomenal. When it’s time for me to sell you’ll be the first one I call.

Now for some criticism: I HATE the Wheel Estate Cam. Can you please stick that thing to the dash or something. Whenever you turn I get nauseaus.

Great to have you back.

Act Fast! Homebuyer Tax Credit Ends Soon
There are barely three months left before the $8,000 tax credit for first-time buyers ends — and it can take that long to close on your new home.

I’m not a big fan of gimmicks to create a false sense of urgency and I don’t think people should make real estate decisions based on anything except for what makes sense for them at the time, and then they should evaluate and utilize the advantages of each market while trying to protect against its disadvantages. Essentially, I’m advocating the same thing you said in your “Don’t Buy Ask Why” Youtube video, which is a must-see for any buyer contemplating involvement in the real estate market. Ultimately however, agents should avoid advising buyers on crystal ball questions. That being said, when has NAR ever said *not* to buy? =)

Also, if the deadline is not extended, what about all the buyers who have short sales “under contract” that don’t make it? Is the message to those first-time buyers going to be “tough luck, but thanks for being snookered into our temporary government bribe?”

We’ve been talking about it ad nauseum in the Nova Bubble Fallout Blog. So much so that it’s just short hand, we call it the $8k buyer’s bribe. Guess you’ve been too busy with the buying frenzy to blog lately.

It’s been a frenzied summer. But given the closing deadline things are already starting to slow down. Vienna slowed about a month ago, Burke is just starting to slow now. It all depends on how close to $400k the entry level market is in a given area. If starter places are under $400k (vaguely affordable to the income cap of $150k for couples for the $8k incentive) then the market stayed in its seasonal rush for longer.

There could be further frenzy now, as the inventory declines (seasonally) and those last few people trying to take advantage but out-bid all summer try to buy. But I doubt it will be as much of an effect as already happened this summer. The mini-bubble already happened. Prices for TH’s and condos in Burke were $15k-$20k over what they were last summer (partly due to interest rates a full point lower).

However, unlike the limited time cash-for-clunkers, the $8k FTHB credit was something people could plan for, so the rush probably already happened, as people prefer to move in the summer. What both really do is pull future demand forward. Those who might have waited another year to save up more money for moving expenses etc, bought this year instead. So even if it’s extended, the stimulative effect will taper off, because you’re just time-shifting when everyone buys. If however, they let it expire, that will create a gap in demand, which could be a fabulous time to buy if there’s any inventory worth buying in the dead of winter (there’s always something, and there may be enough SS’s and REO’s still trickling out).

I think Congress will be watching September car sales closely to help them decide what to do about the $8k.

In my local market, which is the Fort Lauderdale/Miami area, the multiple offer frenzy really started back in March when this was announced. It was picking up a little after the first of 2009 but this tax credit was announced. So it would seem that if this expires at the end of November that the market might take a little breather. Actually I spend most of my time working with buyers so I would appreciate a better chance at getting them under contract!

Really enjoyed the video, like a Wheel Estate Animal Planet documentary.