Impact of Loss of Federal Tax Credit
Tuesday, June 01
The loss of the Federal Tax Credit for first time buyers and some repeat buyers has had a definite impact on the number of homes going contract in my market area for May 2010. My market area is in the South Shore communities of Hillsborough County Florida. I did the numbers today and contracts for May were down almost 40% from what the were in April. I was hoping that low interest rates and attractive home pricing would compensate for the tax credit. I see now that the tax credit was driving home sales in our market area. Hopefully, the summer selling season will compensate for the loss of tax credit.
real estate, florida, riverview, tampa, hillsborough county, remax south shore realty, economic stimulus package, reo, homes for sale, foreclosure, distressed properties, federal tax credit
Comments
Ed Pichette
RE/MAX South Shore Realty
Residential Real Estate Broker
Riverview, Florida
| Website: | http://www.southshorerealty.florida.remax.com |
| Phone: | 813-672-9000 |
| Fax: | 813-672-9089 |
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"Ed, do you know what percentage sold to cash buyers? Als..."
from Jon Klaus, on Tampa FL 50% Homes Sold under $100K - ·
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Jon Klaus Reply
over 1 year ago
I think it has especially affected the under $150K market,, and most specifically the under $100K market. It's definitely uphill on selling an $80K home.