Has the expiration of the first time homebuyer tax credit hurt the East Valley home market?

Has the expired first time homebuyer tax credit hurt the market?

Today Kristin LaVanway and Dean Ouellette of the East Valley Team answer the question “has the taxpayer credit ending slowed down the amount of buyers in the East Valley.

The deadline for the first time homebuyer’s and move-up homebuyer’s tax credits have come and gone. We have not seem much of a change from before. Although we thought there would be change, at least in the Phoenix East Valley market there has not been much of a change if any.

There was one study done last week that compared what was going on right now compared to a month ago for home searches. Many markets did have a change in the 10-20% range meaning the number of people searching for homes was down 10-20% after the tax credit expired. That was not the case for the Phoenix market as the market around here was down only 1.5%. Hardly a change at all.

The East Valley housing market is still strong. There are a lot of buyers who realize even without the tax credit it is still a good time to buy a house. Bottomline, though, a tax credit should not be the primary reason for buying a house.

Thanks to Sasha Lopez (Slo), for the fashion talk.