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Just what I expected would happen, those first timers looking to take advantage of the tax credit are still out buying homes. This made our January sales figures jump nicely! What was interesting to see is that the number of listings hitting the market is down and the median sales price is dropping at a lower rate.

With fewer homes and plenty of buyers, basic economics would dictate that home prices should stabilize.

Whats going to happen once the tax credit expires? My guess is that things will slow down as pent up demand will be exhausted. Perhaps in the fall once it will pick up again? I hope I am wrong and that sales continue strong through the summer but those lucky buyers with the $8,000 being given to them from Uncle Sam ( really you and me) are buying now or have already bought. Check out the video:

http://www.youtube.com/watch?v=vy2q5GQWr0Q

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