The first time homeowner tax credit and the previously owned homeowner tax credit are set to expire April 30^th. The purchase contract must be signed on or before April 30^th but you will have until June 30^th to close. I would recommend anyone looking to purchase to act fast. My contacts are telling me they believe the tax credits will not be renewed after this term.

These type of incentives are propping up the fragile Real Estate market but they are also creation some of the uncertainty. Banks are reluctant to lend because they are not sure what the true value of a property is. What impact are the tax credits doing to stabilize the industry?

Have you heard the expression “suck it up”? This is what we need to learn “pay me now or pay me later” well it’s time to pay the piper. Let the free market correct itself, let some of the big Banks fail, get a movement toward smaller hometown banks that know their communities, know what the true value of a property is. They will not loan a homebuyer money on stated income. Remember the other old saying “if it too good to be true it probably is“it was too good for too long and now we must pay the price.

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