Since February of this year, the real estate market in Cedar Rapids has been HOT! Pending home sales are up 29% in the months of February, March and April when compared to last year. In April alone, sales jumped almost 31%!
While we are ecstatic to present these numbers for the Cedar Rapids market, it would be foolish not to consider the homebuyer tax credit that ended on April 30th and the role it played in the record high numbers.
With this in mind we decided to ask some of our buyers, (at the closing table) to tell us if the tax credits played a role in their decision to purchase a home. When asked to rank the influence of the tax credit on their decision, on a scale of 1 to 5, 5 being ‘Very Influential’, 59% said the tax credit played a significant role in their decision to purchase.
What we can take from this is that the first four months of the year most likely were inflated with sales from May and June…to what extent we will just have to wait and see.
