The last several months there has been a frenzy around the real estate market. First we had would be home buyers gobbling up every decent home available on the market before the April 30th under contract deadline, then we had the task of getting all of those homes closed before the June 30th deadline.
Now that June 30th is upon us and there are no more tax breaks many would be home buyers are feeling remorse that they were not able to take advantage of the free gift from Uncle Sam. I am here to tell you that you didn't miss out on anything. At the end of the tax break homes were selling for more than their actual value and since the April 30th deadline was past sellers were not giving any allowance for repairs knowing that you would lose your $8,000 if you dropped out of the property.
If you are a first time buyer you are better off right now. You won't have to fight off 5 other offers on every house. Inventory is up, so you will have a lot more properties to choose from. Sellers will be much more negotiable then they were 2 months ago. Interest rates are at there lowest ever and I do mean ever. And finally the banks are still putting a lot of foreclosures on the market and they know that the prices need to be lower and will negotiate.
So if you have been kicking yourself for missing the $8,000 tax break, don't because in the end you will end up the big winner by paying less money for your house, by getting a lower interest rate, by getting the seller to make needed repairs and by getting the house you truly wanted and not just the best of whats left.
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The Russell Home Team specializes in Johnson County Kansas Homes and Real Estate for sale. We are tech savvy realtors with over 10 years experience. Please join us on our Social Networking Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...
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Our market wasn't allowing for concessions and now our inventory is growing too which means more concessions and possibly lower prices if our inventory grows TOO fast (which it is!)
Renee,
Anything under 250k in our market was disappearing in a heartbeat and foreclosures were getting absorbed almost immediately. I have a couple of buyer above 400k who are just waiting till prices start to drop so they can pounce on a deal.
The last couple of months have been quite chaotic on the mortgage side. Once the volume is back a more normal level we will see improvements all around.