The Realtors' tour went well this morning. Everyone loved the townhouse and the staging and it looks as though several offers will be coming next week.
The newscasters may say that this is a down market, but no one has told the buyers around here. Inventory for the entire county is less than 3000, about 50% of homes on the market as a year ago. There are only 90 homes for sale in Sunnyvale, a city of nearly 150,000 people. This is a wonderful time to have a good listing for sale, but not great if you are representing a buyer.
This is difficult to understand.
The pressure is on the government to extend the first-time homebuyers' credit. Housing Secretary Donovan says that the end of the credit would not be "catastrophic" because of other actions the government is taking to support the flagging housing market. Interest rates are being kept low and the Federal Housing Administration is playing a more prominent role in lending to homebuyers.
He said there is clear evidence that the credit has had some positive benefits and that its expiration could have some negative implications for the housing market.
Whether or not the credit is extended, forecasters are expecting further price declines in many markets due to rising foreclosure and unemployment rates in 2010. Supporters of extending the credit believe it could help mute those price declines.
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