My buyers this year are universally not trying to get the home buyer credit; most of them think it would be nice to have, but this late in the game don't want to be completely dictated by the artificial stop date. They do all agree that:
1) It's pretty tough to find a good house in your price range
2) Many attractive properties are moving so quickly, they're devoting a lot more energy than they expected in finding them.
What's a buyer to do? Most of my folks will probably let the credit expire, and if there's a lull (and I think most of us expect some kind of lull, they'll probably take advantage then. But there are other options:
1) Think out of the box. There are some great properties out there - but because they aren't the lowest risk options, buyers are taking a pass. Probably a mistake! These properties have great utility, good-to-great pricing, and will make good homes for folks. Right now, the market is overlooking these properties, but that won't last for ever.
2) Look down your price range, and build some elbow equity. Same notes here. The market is "chasing" the same properties, but there are values to be had. With most contractors still looking for business, it could be a great time to remodel the house you want, and build some equity that way.
In housing, like other investments, its good to be a contrarian! Don't follow the herd when you can lead the way.
