We’re a week away from the tax credit coming to an end and what do you think is happening? Yes, the phone is ringing and some home buyers are getting into the game late. They hopefully will get under contract and close in time to get the tax credit being offered. The real winners are the sellers though. When you look at the inventory there really isn’t a lot out there and the good stuff is getting multiple offers. My partner Susan took clients out yesterday and their number one choice is already negotiating an offer. Looks like we will still submit and offer but it has to be our best up front. No time to nickel and dime now!
In every market, up or down, sellers think their home is worth more and buyers think it’s worth less. Right now, and I mean this week, sellers may be right because buyers know they will have some money coming back after they close. Buyers may be willing to absorb a little more on the purchase price (since it is financed) always having the protection of an appraisal to make sure that they don’t pay too much.
As a former engineer I still rely on the statistics and they are generally positive. We seem to be in a stable market with regards to homes for sale, home pending, sales and time on the market. Ask me about my newsletter if you want more details on the stats for Palm Beach County.
See you around town!
