these questions.
1. How has the end of the first time home buyers tax credit affected your real estate market?
2. Has your market gone up or gone down? What percentage would you guesstimate that it is up or down?
TAX CREDIT CHANGE - WILL IT AFFECT YOUR POCKET BOOK?
I do some consulting for a New York investment firm and they asked these questions about my local market. It got me thinking how the end of the first time home buyer tax credit was affecting the rest of the country.
Here in Detroit sign calls and first time buyers have dried up. I have noticed internet leads are down and phones are a little slower. Showings are down. Depending on who you talk to, the real estate first time home buyers market has dropped from 20% to 70%. But our listing inventory for the Southeastern Michigan area has not changed in the last month. No increase in our inventory yet.
So what is happening your neck of the woods? Mortgage people have applications or inquiries dropped?
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Hi Russ...Nada.
I did not have any first time buyers. Given the market I'm in it is very, very rare for me to meet a first time buyer. Just about all of my sales are to second home buyers and those planning to retire at Lake Anna.
I'm not sure if my experience will help you at all.
Kate
Russ, Coldwell Banker Sloane Realty, dominates the real estate market in listing and sales most months. We have three offices Ocean Isle Beach and two in Sunset Beach. At a recent meeting, only a very few, like maybe a handful of agents said the tax credit was not an incentive in our area.
In the Greater Seattle market where I work, it appears to be mixed. In some areas the tax credit didn't make a lot of difference, and in some areas where prices are a little lower, things have slowed down since the expiration. My business is about the same as it was, to maybe a tad lighter, than prior to the tax credit deadline.