I get this question quite a bit, as you might imagine. Here are just some random observations on a Monday morning:
- I need to re-order deposit slips for my escrow account. That is more positive than negative.
- I’ve had a flurry of inquiries from buyers thinking about buying before the $8,000 tax credit comes to an end. That’s definitely a positive trend.
- If buyers cannot find the right (i.e. affordable) deal before the credit expires, and if it is not extended, does the buying frisson halt in its tracks? That’s a question mark.
- Mortgage woes continue: sales people promise potential borrowers they’ll qualify, then string them along as lenders tighten and change programs and/or buyers’ credit ratings or continuing employment prospects dip. Buyers are puzzled and sellers are frozen, so that’s a definite downer.
- The economic discussions I joined in or eavesdropped upon this weekend were all about job uncertainty. A jobless recovery will mean a home buying stagnation.