NAHB Tax Economist Answers Questions About the $8,000 First-Time Home Buyer Tax Credit

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Multiple Offers: Commonplace in Today’s Real Estate Market

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In many cities across the nation, and especially here in Tampa, Florida, we have seen a dramatic increase in multiple offer scenarios in our real estate market. This is of course a seller’s dream and somewhat of a “price is right” guessing game for home buyers and their real estate agents. However, this shouldn’t be viewed as a negative occurrence for either side of the transaction. For sellers, having the option to consider multiple offers at various price points had been a thing of the past. This year, it is finally becoming more and more prevalent in our real estate market. An article published by Inman News identifies that most cities that are in real estate recovery (or beyond!), like Tampa, are seeing bidding wars on homes prices in all price ranges. This has nothing whatsoever to do with distressed homes. Other advantages of multiple offers for sellers include: generally quicker sales, less home disruption due to showings, and a “safety net” for the seller is created in cas...
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So far, 2014 has been very positive for the housing market and for the overall economy. Steady increases in home prices and home sales are indicating a continuous trend of strong buyer and seller confidence. The outlook towards real estate is improving quarter by quarter and we are expecting it to stay this way for the upcoming months and years. According to Fannie Mae’s April 2014 National Survey, “for the third month straight, the share of respond ents who believe now is a good time to sell a home increased and hit 42%, an all-time survey high.” One of the other factors feeding the economic upturn is the low mortgage delinquency rate. TransUnion’s latest mortgage report states that in the first quarter of 2014, the rate fell to 3.61% which is a 24% decrease in comparison to last year, and it is now exactly at the same level as it was in the second quarter of 2008. It’s encouraging to see mortgage delinquencies drop once again, especially during a period when mortgage origin...
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