The newly expanded homeowner tax credit has been signed into law. This should be a big short term help to the real estate market in Dakota County.
The previous homeowner tax credit was only available to first time homebuyers. It proved to be a big boost to the sub-$200k market but didn’t do a lot to spur move up buyers. By expanding the credit to include a much larger group of home purchasers we should see much more movement, especially in the $200-400k space. We were already seeing some good signs in places like Eagan, Burnsville, Apple Valley, Rosemount & Lakeville so this will be very welcome, both to buyers who qualify for the credit and sellers who might find more buyers out there. The quantity of single family homes on the market right now is actually in a pretty good balance for the first time in 2 years.
Please call me for details if you have any questions but the chart below and Frequently Asked Questions link should help -
Frequently Asked Questions about the tax credit – National Association of Realtors FAQ