US Congress passed the home buyer tax rebate extension just like I had predicted that they would and when I predicted that they would do it, just when it was becoming very hard for home buyers to close the escrow on time. Basically first time home buyers will get their $8,000 tax rebate and those home owners who have owned a home for 5 years can get a $6,500 tax credit if they can close escrow by June 30th, 2010.
As for the real estate market here, the mad rush to buy a home for the $8,000 tax credit has subsided and the market has cooled down some. We have even low balled the banks for a couple of homes for sale for $340,000 in Seven Hills in Henderson and it worked, we are getting a lot of offers in all price ranges accepted and I am happy about this. We tried very hard to protect our customers from making unreasonable offers and succeeded, all our offers have appraised so far. I have repeatedly written that the best time to buy real estate in Las Vegas will be mid November to January 1st. Here is why:
1: The rush on homes or condos that will satisfy the new tax credit extension will intensify as we get closer to the June deadline and by that time we will have more than 9 months of stable pricing which will bring more conservative investors to the market.
2: A big part of getting a good deal is timing and I am not talking about timing the bottom of the market, I am taking about buying when others are busy planning for Thanksgiving and Christmas, November and December are traditionally slow times in real estate.
As for me, last month was one to forget and I am recovering from severe back and neck problems. I am starting to feel better now and hopefully will blog more frequently.
I repeat again, now is the time to buy real estate in Las Vegas.