We have noticed that closings are taking longer which may contribute to the decline as mentioned below. Often the delays are not caused by the closing agent but by lenders who appear to agonize over the credit worthiness of the borrower and property. We had a situation in which a lender requested a second property inspection just prior to funding, delaying the close by a number of days as the inspection was scheduled, utilities turned on and report generated. This added delay time and cost to the buyer.
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At first I was going to provide only a link to this blog post from Brian Summerfield of REALTOR® Magazine. I feel it is worth keeping in my post archives so I’ll reproduce it here with a link to the original article.
By Brian Summerfield, Online Editor, REALTOR® Magazine
Amid several news reports that the first-time home buyer tax credit will almost certainly be extended, I’ve seen more than a few blogs and online comments arguing against it. Some of them say the government can’t afford it, and lament the fact that we’re borrowing from our children and grandchildren to pay for this. Others maintain that the tax credit artificially stimulates demand, and the market will resume its slump whenever it does expire. Still others claim that it hasn’t really motivated enough buyers who would not have otherwise purchased a home to justify the program.
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