What Will Happen to Our Real Estate Market on December 1st?

As you might already know…If you’re planning on taking advantage of the government’s $8,000 tax credit, you must close on your home by November 30th, 2009.  

Our real estate market in Northern Virginia has definitely felt a positive impact from the tax credit.   Home prices on pre-owned homes and new homes  are continuing to rise.   In addition to this, the Nation Association of Home Builders reported that its Housing Market Index rose last month, and has reached its highest level since May of 2008.  

The  National Association of Realtors has reported that the tax credit has brought 1.2 million new buyers to the national real estate market.   They went on to say that  350,000 of these buyers  would not have purchased a home without the credit.

The biggest question I get as an agent is… Will the tax credit be extended?  

Earlier this week, the Obama administration reported that it is evaluating how the tax credit  has impacted home sales   and could recommend that the President extend it.

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