First-Time Home Buyers Rush to Benefit from $8,000 Tax Credit

September 30, 2009 at 10:38 pm Leave a comment

The Arizona real estate market is very hot as many first-time homebuyers scramble to purchase a home by November 30 to receive the $8,000 tax credit. Just a few days ago, my client and I went on a rush to see a starter home with a pool in Chandler that was bought recently and fixed up by an investor. This home was 0 days on the market and cars of buyers and Realtors are lining up in front of the house to see it.

As a result of this “panic” buying, I see the sales in lower price range jump up tremendously. Once this incentive is over, home sales may decrease because the sense of “urgency” is gone and buyers can use their sweet time to find a house they like.

The panic buying is helping new construction homes to sell fast and homes next to a busy street is being built as well. First-time homebuyers looking to take advantage of the tax credit are pursuing traditional sales or spec homes more aggressively because these homes can close quicker than a short-sale. These properties are in better condition than short-sale, lender-owned or government owned homes where you typically find missing appliances, green pool and overgrown weeds.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate. Tags: , , .

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