What happens after the tax credits?

Many people are wondering: What will happen to the housing market and home prices after the homebuyer tax credit expires on April 30 (as a reminder this is the date by which the home must go under contract; buyers have until June 30 to close)? This weekend, The Washington Post’s real estate blog is running an unscientific poll asking its readers this very question.

As of about 9:20 a.m. on Saturday, February 27, the overwhelming majority seem to think we’re headed for a dip after the tax credit expires. After all, December 2009 saw a huge drop in transactions due at least in part to the fact that the previous version of the housing tax credit was set to expire in November 2009. The tax credit was extended and expanded in November 2009, but not before potential buyers decided to slow their search, thinking that the tax credit would be going away.

Take the poll and leave a comment on this post. What do you think will happen to the market and home prices after April 30?

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