My Real Estate Blog

It's not a lot of time, but the three-month home buyer limited tax-credit extension has helped some. The extension has given some the opportunity to finish up their deals and close by September 30th.  It's estimated that up to 180,000 buyers will benefit from the extension

But that shouldn't discourage interested buyers because the market is ripe with other opportunity. The good news for people who didn't take advantage of the tax credit is that the inventory is still plentiful, although it's reduced significantly from what it was a year ago, prices are affordable, and the interest rates are the lowest they've been since the 1960s.  The low interest rates are, of course, a magnet for attracting buyers.

While this is a good time to buy, I have to say that the lending market isn't operating the way it did before the housing crisis. People need to understand that buying a house is a good option if you plan to stay in it a while—not play the flipping gamble, hoping for a quick profit.  The average time to make a profit is about seven years. Home ownership is an investment in the future, not for a quick turnaround, which a lot of people abused in the earlier part of this decade.

So what's the future hold?  I think it's like a baby standing on its own two feet. It's going to be wobbly, it's going to take a while for things to settle in, but the housing market needs to function on its own.  The nation-wide housing market recovery is being hampered by the joblessness.  Here in the DC area, things are different.  We are in such a unique situation with employment thanks to the military and government. 

What you/we see on the national TV news is not true for us.  Inventory is WAY down and prices are going up again.  Multiple offers are back and properties that are priced correctly are selling in days, not weeks or months!