What is going on with the Salt Lake Real Estate Market?

I have not seen it this slow in the 7 years.  Right now showings are slow…very slow.  Prices are very attractive and interest rates are crazy low.  So where are all of the buyers? Most of my buyers need to sell first and that has been the problem.  Prices will need to come down a little more to intice buyers.  We will keep you posted.

Extended Tax Credit!

Yesterday, the House pushed through a three month closing extension of the homebuyer tax credit.

Tonight, the Senate unanimously approved the bill — leaving the President to ratify the provision by signing it into law, as early as tomorrow morning.

“I thank my colleagues for joining me to pass this important extension and giving homebuyers in Nevada and around the country the opportunity to purchase their first home,” said Sen Harry Reid (D-NV), in a statement following the bill’s passage.

“In addition to helping thousands of families experience the American dream, this successful and popular program provides a much needed boost to Nevada’s housing market and economy.”

The deadline for the tax credit was midnight tonight but only if the mortgage went through, so with Obama’s signature, it would have been possible that no contracts currently under offer — but unable to close — would fall through the cracks with the extended deadline.

The Senate approved provision will give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000.

If the President signs the bill into law tomorrow, it is unclear if the provision will apply retroactively to deals that close on Thursday, July 1.

Tax Credit Extension?

Sen Harry Reid joined the call for an extended first-time homebuyer tax credit, introducing an amendment to the proposed American Jobs and Closing Tax Loopholes Act of 2010 being considered by the Senate.

The bill — House Resolution 4213 — passed the House vote in December and moved through the Senate Committee on Finance in March. Reid’s amendment would extend the homebuyer tax credit by three more months.

“There is growing concern that because of the time it takes for banks to complete transactions such as short sales, many of these home purchases would not be complete before the deadline through no fault of the homebuyer,” according to a statement from Reid’s office.

He is joined in the effort by Sen Johnny Isakson and Sen Chris Dodd, who co-sponsored the proposed amendment.

Under the tax credit’s current deadline, qualifying purchases that were under contract by April 30 must close by June 30. Under the proposed amendment introduced by Reid, Isakson and Dodd, that closing deadline would be pushed to Sept. 30, 2010 in an effort to ensure the qualifying sales can close.

“In addition to making it easier for thousands of [buyers] to purchase their first home, it helped reduce the sitting inventory of homes,” Reid said in a statement. “By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchase of their new home.”