Tax Credit Contract Deadline Passed
May 1, 2010 by Marney Kirk
Filed under Baltimore, Blog
The tax credit contract deadline passed last night at midnight, so buyers who may have qualified yet were unable to get a legally binding contract in place are no longer able to get the credit, even if they settle by June 30, 2010.
Though I did see an increase in the Baltimore real estate market in the past two weeks, the interesting thing was that most of those I was working with in buying or shopping for a home were NOT eligible for the tax credit.
There also was not as much of a rush to get the credit right at the end. In searching the MLS, there were not a significantly higher amount of homes going under contract than one would expect at the same time any other year.
The tax credit certainly did its’ job of stimulating the real estate market, but I am finding that it is the low interest rates as well as low house prices that has been enticing people to buy homes, whether or not they were able to take advantage of the credit.
While interest rates and house prices remain low, Baltimore home buyers will continue to purchase — and home sellers will continue to sell their current houses to move up to their next home.
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