“Approaching” or “looming” aren’t sufficient anymore — the deadline for the federal home buyer tax credits is all but here, and that has a lot of people worried about a big drop-off in activity come May 1. We probably can expect to see developers, brokers, and individual sellers rolling out various incentives to keep the momentum going, starting with Coldwell Banker‘s newly announced, nationwide Buyer Bonus Sales Event.
Starting Saturday, sellers participating in the Buyer Bonus Sales Event will offer a 3-percent credit (up to $8,000) of their home’s purchase price to buyers who sign a contract before July 31. Unlike the tax credit, there is no deadline for closing.
According to the brokerage’s announcement, nearly half of Coldwell Banker agents have worked with buyers who would have missed out on the $8,000 first-time buyer tax credit in November had it not been extended. More than a third cite the latest tax credit extension as the main reason their customers are currently for searching for a home, and more than a quarter feel the limitations of the credit prohibited some buyers from taking advantage of it.
Buyers looking for participating homes will be able to filter their searches at ColdwellBanker.com.