Bye bye First Time Homebuyer's Tax Credit. Hello, lousy housing market.
Didn't Boston real estate attorneys tell you this would happen?
As Bostonians (and Americans, for that matter) bid a sorrowful farewell to the First Time Homebuyer's Tax Credit, they are now starting to sift through the remains of the early 2010 buying frenzy to determine whether or not the tax credit provided an artificial boost.
According to the Massachusetts Association of Realtors, the number of single family home sales has dipped for the month of May. This is the first dip in ten months.
The number of pending single family home sales in May fell three percent to 4,663. This is in comparison to May 2009. Pending sales for condominiums fell six percent to 1,894 from the year before.
The expiration of the First Time Homebuyer's Tax Credit can't be the sole cause of blame for the decline of pending sales. Karl Case, a retired Wellesley College professor of economics also believes that the issue is one of supply and demand. More specifically, Karl Case says that buyers want the asking price to come down, while sellers refuse to budge. Sellers remain optimistic, Case says, that home prices will rebound and that they will eventually be able to obtain a good price for their homes.
Is the market rebounding? With an industry and a market so fickle, it's hard to be sure. Nevertheless, there still remain those who want to buy homes in Boston, as well as those who wish to sell their homes.
A Boston real estate lawyer can walk a potential buyer or a potential seller through the legal issues associated with buying or selling a home. Contact a Boston real estate attorney today.
- What is the Role of an MA Real Estate Attorney for the Seller? (FindLaw's Boston Real Estate Law News Blog)
- MA Real Estate Lawyers Have a Unique Role (FindLaw's Boston Real Estate Law News Blog)
- Find A Boston Real Estate Attorney (FindLaw)