Ravenna Park Sales Activity for April

Well, things had to be better than last month. The brick tudor on Twin Maple Lane got another offer and then quickly closed. One of the vacant lots is sold subject to a feasibility study. A house on 14th Ave NE is now sold pending.

There was a lot of activity nationwide this week as the $8,000 tax credit to first time buyers and the $6,500 tax credit to some move up buyers draws to a close. Now that the government incentive is over many of us are wondering what's in store for the market in the days to come. Interest rates were supposed to skyrocket this month when the federal government stopped buying mortgage backed securities, but that didn't happen. The private sector took over and interest rates are still around 5%.

There seem to be plenty of buyers around, but usually they like to wait until everyone else is buying. That's pretty strange to those of us in this business. The time to buy is when everyone is selling. The time to sell is when everyone is buying. If nobody is buying after the tax credit boom is over, I'm betting we see investors jump back into the market in droves.