By now most folks know that the tax credit offered to first time buyers has been extended. It gives buyers some more time to take advantage of the "free" money that is being offered. I have mixed feelings about the whole idea. Ultimately in the end that money has to come from somewhere, so for now the Government is content to borrow it and give it to those that can purchase by the deadline.
The original deal was only for first time buyers, but has now been expanded to those that have owned in the past. It really did not create a huge demand for the Valencia County real estate that has been on the market. In my estimation it caused a few people to "pull the trigger" but for the most part just reassured some buyers and gave them a few bucks for furniture after tax time. Belen, Los Lunas, Peralta, and Bosque Farms have all seen a decrease in closed transactions over last year.
At this point I encourage all sellers to hang in there, it will get better. I am hopeful that the spring of 2010 will usher in some new deals and get things moving again.
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