Well, not much. I expect this week to be slow with 3 straight days of rain, the NCAA Final Four is this weekend, Passover, and Easter this Sunday. For 1st time buyers and trade up buyers looking to qualify for the tax credit, the deadline to sign a Purchase & Sale Agreement is April 30, 2010. Buyers need to close on the purchase by June 30, 2010. That gives them roughly 4 weeks to find and make an offer on a property. This time around, I don't think the tax credit will be extended.If you are obtaining an FHA loan for your purchase, the upfront FHA mortgage insurance premium will increase from 1.5% to 2.25% on April 5th. This is the percentage that's tacked onto the loan amount if a buyer obtains an FHA loan. What's nice about these loans is all single families qualify for them, no income restrictions, and you only have to put 3.5% down.
Going forward, I think next week should start a busy month in real estate. I expect April 5th to April 30th to be very busy with buyers scrambling to find homes. I certainly wouldn't advise buyers to rush into purchasing a home, but it is an $8,000 credit, and with mortgage rates still near historical lows, it seems many people are doing just that. After the tax credit expires, we'll just have to wait and see what happens with the real estate market.