Sue Fox, @Properties. Direct 773.816.1788

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A last-minute frenzy as buyer’s tax credit ends

filed under: Buyers, Chicago home sales, First-time buyers, Lincoln Square, Market conditions, Tax credits posted on May 2nd, 2010

SELLING LIKE HOTCAKES: My sellers sold this lovely 2-bedroom, 2.5 bath duplex in Lincoln Square in just 12 days. The buyer was a first-time buyer who signed the deal by April 30, in order to claim her $8,000 tax credit.

SELLING LIKE HOTCAKES: My sellers sold this lovely 2-bedroom, 2.5 bath duplex in Lincoln Square in just 12 days. The buyer was a first-timer who pushed to sign the deal by April 30, just in time to claim her $8,000 tax credit.

April 2010 was one of the busiest months I’ve ever seen as a realtor! Even though the government’s home buyer tax credits (in one form or another) have been in place for more than a year, there were plenty of Chicago home buyers who waited until the last minute to buy.

April 30 was the deadline for signing a home purchase contract; buyers now have until June 30 to close the deal.

I had four different buyers or sellers go under contract in the last 10 days of April alone. In one deal, the buyer made an offer on my seller’s Lincoln Square condo around 9 pm on April 29. Her realtor and I negotiated the deal until slightly after midnight, and everyone signed the contract the next morning… thereby just making the April 30 deadline. Whew!

Plenty of other real estate agents in my office, and across Chicago, witnessed the same eleventh-hour mania. Now hopefully we can all get the inspections, attorney review periods, and mortgage loans completed in time to close by June 30! Expect a similar frenzy at title companies in June as everyone piles in to close before the deadline.

We should see healthy home sales throughout the Chicago region for April, just like the 50% leap over the previous year we witnessed in March. But now that the government’s home-buying stimulus is a thing of the past, the question on everyone’s mind is… Now what?

Written by Sue Fox //

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