Now that the home buyer tax credit deadline has come and gone, what will the Charlotte NC real estate market look like? Will under contract activity drop to zero? Will there be any buyers left to consider the available Charlotte NC homes for sale?
Well, homes did indeed sell before the home buyer tax credit ever existed (shocking, I know). Homes will still sell now that it’s gone. And in reality not every home buyer would have qualified for the tax credit – I have some serious trouble believing every single buyer who’s bought a home recently was simply a result of the tax credit.
We’ll soon have some idea what the “post tax credit” real estate market looks like…as soon as the under contract data comes in for May of 2010. The under contract activity for May will have occurred after that tax credit deadline passed, and will therefore be a real estate market indicator untainted by any outside “incentive”.
So far this year, in many cases under contract and sold Charlotte NC real estate activity has been exceeding the pace from a year earlier. Whether that will continue, we’ll just have to wait and see.
In this post home buyer tax credit world, Charlotte NC real estate market factors haven’t changed. It’s still a matter of real estate inventory levels, competition and how that relates to what you’re trying to accomplish, whether it’s buying or selling a home in Charlotte NC.
So stay tuned for May 2010’s under contract activity – it’ll be interesting to see how it compares not just to earlier months this year but also from the pace in 2009.
The reason I’m saying under contract activity will be the first indicator is that sold activity can still potentially be impacted through the end of June 2010, the closing deadline for that home buyer tax credit.
Copyright©2010 by Diane McDermott, All Rights Reserved, “Home Buyer Tax Credit Fallout for Charlotte NC’s Real Estate Market?”