Laurene Curtin (459-4564), 2010 GCAR president says, “Closed residential sales in June were ahead of 2009 levels by 34% which is a direct result in large part to the homebuyer tax credit. However, if we look forward to closed sales later this summer we can see by the number of contracts of sale during June that we will see fewer closings.” She adds, “This is not unexpected. We know that many home buyers who would have otherwise gone to contract during June or July, and perhaps even later, pushed their purchase up to meet the April 30^th contract deadline for the tax credit. Closings should remain solid for at least another month as the deadline for closing as been extended until September 30^th.”

James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “What we are seeing is exactly what we expected. The test of the market now will be its ability to generate some excitement and sales as we move into an extended period of ‘business as usual’. That is a market standing on its own without the benefit of federal money in the transaction in the form of a tax credit.”

“We would suggest to buyers that they take a look at the social and economic benefits of purchasing real estate and talk to their REALTOR® about taking advantage of the best market buyers have seen in many years,” says Mrs. Curtin. “We think they’ll be pleasantly surprised by the home buying power of their dollars in the Capital Region.”

  GCAR is a professional trade association representing 3,000 real estate professionals in the Capital Region. GCAR is the “Voice For Real Estate In The Capital Region.”