Tax Credit Expired, How are things?

Asking the professionals, how has the end of the tax credit effected your investing? How are your local markets now that it has expired? All responses appreciated.

Edited: 06/26/2010 at 01:02PM

Vikram C.

Real Estate Investor · Phoenix, Arizona

1457 posts
25372 Influence
14 Awards

Icon_minipost Jun 01 '10, 10:04 AM

I analyzed the data for the Phoenix metro (Maricopa county). Sales of homes between $100K and $200K have declined by about 50% in the first half of May compared to the second half of April and are at levels similar to what was seen in Dec 2009.

Edited: 06/26/2010 at 01:02PM by Vikram C.

Ted Harris

Real Estate Investor · Portland, Oregon

660 posts
27102 Influence
15 Awards

Icon_minipost Jun 01 '10, 12:56 PM

I know showings based upon recorded RMLS lock box activity in Portland, OR for the first half of May was way down compared to April ....

Edited: 06/26/2010 at 01:02PM

Brian Haskins

Real Estate Coach · St. Louis, Missouri

421 posts
1984 Influence
2 Awards

Icon_minipost Jun 02 '10, 11:12 AM

Hasn't effected me much, but I sell to mostly investors. I'm sure it's affected those that sell to retail buyers because there just isn't to many people looking now.

Brian Haskins

Edited: 06/26/2010 at 01:03PM

Tom Bukacek

Real Estate Investor · Austin, Texas

119 posts
7993 Influence
12 Awards

Icon_minipost Jun 03 '10, 08:23 AM

How has business been going since the tax credit? Has anyone noticed a slowdown or has it been business as usual?

In Austin, we're still finding properties and selling them. My title agent told me she was swamped but it was due to contracts in April.

Edited: 06/26/2010 at 01:04PM

Brooks Conkle

Real Estate Investor · Mobile, Alabama

97 posts
749 Influence
3 Awards

Icon_minipost Jun 09 '10, 11:42 PM

I'm in Mobile, AL
We are actually offering our own $8k credit for buyers who buy our properties (furniture, closing costs, appliances, etc.)
We've had a good response rate, as in this market we've got a lot of competition (other houses on market) and need a competitive edge.

Edited: 06/26/2010 at 01:10PM by Brooks Conkle

Ali Samana

Real Estate Investor · Corpus Christi, Texas

389 posts
3707 Influence
8 Awards

Icon_minipost Jun 30 '10, 12:18 AM

[URL]http://www.boston.com/news/nation/washington/articles/2010/06/30/house_votes_to_extend_tax_credit_on_new_home_purchases_3_months/[/URL]

Did the time to close get extended? I would appreciate any update.

Ricky Ostrom

Real Estate Investor · Houston, Texas

58 posts
392 Influence
1 Award

Icon_minipost Jul 02 '10, 08:17 AM

The housing market is flooding here in Houston, TX and prices are dropping. Last report I saw said prices dropped $3k - $5k last month alone.

Michael G.

Real Estate Investor

21 posts
132 Influence

Icon_minipost Jul 04 '10, 05:38 AM

Things seem fine here in Pgh.

We have a lot of interest in our flips. Also, our RE agent said she is still closing lots of deals and getting lots of interest on properties, appraisers have been too busy to turn around appraisals, the title company we use said they are swamped....

Things are pretty positive but then again Pittsburgh never had a huge run up or drop off.

Michael Kwiatkowski

Residential Real Estate Broker · Milwaukee, Wisconsin

65 posts
665 Influence
3 Awards

Icon_minipost Jul 05 '10, 01:20 AM

Here on the retail (consumer) side, things are DOWN. WAY DOWN. I had three sales in three days in April. Nothing at all for May and June, and I'm working harder than before. May have one coming up in July, hopefully another one or two in August.

Mike

Edwin Brown

Real Estate Investor · Chattanooga, Tennessee

151 posts
1291 Influence
6 Awards

Icon_minipost Jul 05 '10, 01:27 AM

Originally posted by Ali Samana

[URL]http://www.boston.com/news/nation/washington/articles/2010/06/30/house_votes_to_extend_tax_credit_on_new_home_purchases_3_months/[/URL]

Did the time to close get extended? I would appreciate any update.

Yep. From my mortgage guy, we've got another 60 days to close.

Delondon Dear

Real Estate Investor · 30906, Georgia

139 posts
675 Influence
3 Awards

Icon_minipost Jul 07 '10, 09:08 PM

Investors on my list are cash buyers so it has not affected my side of things.

Matt Kearney

Real Estate Investor · Springfield, Massachusetts

138 posts
1292 Influence
3 Awards

Icon_minipost Jul 09 '10, 08:53 PM

Things are definetly a bit slower out there now. April was crazy busy, May slowed way down, but Junes been a little better.

There are still buyers out. We put a house on the market two weeks ago and got an accepted offer the first day. We put another one of our finished rehabs under agreement last week.