The first-time home buyers are flooding the sale market, pressed to finalize a deal before the federal government’s $8,000 tax credit offer expires on November 30.
Anyone planning to take advantage of the tax credit should act fast because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September.
The new flurry of activity in house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.
Here in Northern Virginia the home inventory is so low and few of my clients are loosing there chance due to high volume of multiple offers. The sellers are getting 5 to 15 thousand more then there asking price. I feel the bottom is here and the uptrend in the housing market has started.
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