Where have All the Buyers Gone?

We are convinced that the first time homebuyer tax credit was a huge success. Business was up, home viewings by prospective buyers were way up.

Then came April 30th and the Home viewings dropped to record lows.
Our office charts the number of showings on our property listings.
Home viewings were up over 70% in 2010 compared to the same period in 2009.
The week after the tax credit ended, showings were down about 14% compared to the same period in 2009, and 2009 was an extremely slow year.
But, this is not a reason for home sellers to panic.

The only constant in real estate is change.
Eventually, the buyers desire to purchase a home will outweigh the thoughts of a tax credit and they will return.
And hopefully, soon, President Obama will announce whether the tax credit is coming back. This will make up the minds of the indecisive.

Real estate is not going to return to a sellers market anytime soon, but Homes will continue to be purchased, because mortgage interest rates are historically low and because home ownership is still the American Dream.