Put down that champagne, turn down the music and quit counting your money.
It seems that since last week's announcement of the extension of the Tax Credit for First Time Home Buyers (as well as the added expansion to include current Sellers who have been in their current home for 5+ years) that many Realtors feel the lines will begin forming soon to "sign on the dotted line." It's not that easy.
While these reforms are exciting and will help sustain the positive movement most real estate markets are experiencing around the country, it doesn't mean we should be thinking the hedonistic days of earlier in the decade will return any time soon. The efforts to get this extension done took a tremendous amount of effort, spearheaded by the
National Association of Realtors as well as Richard Smith, CEO of Realogy, the world's largest brokerage operator, and many others. (See video below from
CNBC.com).