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Sellers are looking at all sorts of incentives to make their properties stand out from the competition. In this buyers’ market sellers are desperate to sell and will try a lot of incentives – many of which may make getting financing for buyers more difficult (e.g. decorating allowances, cash-back offers, etc.)
Congress has approved a bill that will not only extend the First Time Home Buyer Tax Credit but will also expand the credit to allow current home owners to receive a tax credit if they purchase a home. The housing market has shown signs of improving over the past several months in large part as a result of the tax credit for first time buyers. Over the past several months, first time home buyers have accounted for up to half of all sales.
