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Usually when there are historically incredible deals in a store, there is a frenzy that follows and the deals get picked over.   Based on this report from Mortgage Daily News - http://www.mortgagenewsdaily.com/08032010_june_pending_home_sales.asp the expiration of the tax credit was a once in a lifetime opportunity to pick up a great home at an even greater price.   Buyers benefited from extremely low mortgage rates and motivated sellers to pick up a great deal on their next home.  

The data shows pending home sales dropped off suddenly as expected due to the expiration of the tax credit.   Though not many are expecting a rapid recovery, there seems to be consensus that we are hitting the bottom.   If you are one of the lucky buyers able to take advantage of these market conditions, you will probably be left smiling for many years to come.  

For sellers the story may not seem as optimistic, but there are some things to take note here.   Now is more important than ever to present your home for sale in the absolute BEST way possible.   It is also important to market your home using the tools that are being used by today's buyers.   This will give you the best results with the limited number of buyers out there today.  

Another option that is becoming popular with sellers, is to delay selling your current home and rent it out, while buying a new one.   This allows you to ride out this downturn on your current home, and take advantage of low prices on when purchasing a new home.   The number one resistance to this:  "I do NOT want to be a landlord!" .   Not a problem, hire a professional licensed property manager to manage your home, and you can significantly mitigate the risks and liability of owning an investment property.

Regards,

Dan Shafron