Tax Rebate for Buyers Drives Market Spike

Photo courtesy of
courtesy of ‘NCinDC’

It looks like DC’s on its way toward a real estate comeback, thanks in no small part to the tax credit for new buyers ($8,000) and return buyers ($6,500). The big question is: after the tax credit ends, will the buyers continue to buy? The credit amounts to a significant carrot for potential new buyers, and without it, it’s hard to see the rate of sales continuing on its upward trend much past June without an extension on the incentive. Sales volumes were up, 9.2% region-wide, as were average prices, up 4.9% to $357,983.

Given the number of real estate signs I’m seeing on my drives through the District, I’d say there’s a decent supply now, as opposed to two months ago, when there was hardly anything worth picking up. Buying? Selling? What are you seeing out there right now?

I live and work in the District of Columbia. I write at We Love DC, a blog I helped start, I work at Technolutionary, a company I helped start, and I’m happy doing both. I enjoy watching baseball, cooking, and gardening. I grow a mean pepper, keep a clean scorebook, and wash the dishes when I’m done. Read Why I Love DC.

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