In case you’ve fasting TV or maybe in a winter hibernation, there’s a little thing called a tax credit right now that is fueling a lot of sales. In fact, it might be too effective because it’s pulling buyers from the future to buy now.
Just a recap for those that are still lost:
- $8,000 tax credit to buyers who have not owned a home in 5 years and are under contract by APRIL 30th, and close by June 30th.
- $6,500 tax credit to buyers who have owned and lived in a home for at least 5 consecutive years out of the last 8 and are under contract by April 30th and close by June 30th.
With that out of the way, I want to make a bold prediction:
“There will be a surge in sales of resale homes in Gwinnett County in the next few months.”
The reason being is that with short sales, you never know when you will close. You can reasonably guess, but you still don’t know for sure. It could be 30 to 45 days. What if the agent doesn’t do what they are supposed to? What if the seller decides to back out? Too many unknowns.
Foreclosures are still competitors, but they are moving so quickly and banks can’t put them on the market fast enough and still accomplish their goals (which we don’t have time for).
That leaves resales, the only homes on the market that aren’t distressed sellers. They can close when you want and should have the proper motivation to move when you want. The biggest thing is that these type of sellers offer predictability (relatively) in away that foreclosures and short sales can’t even come close to.
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