It appears the Congress has agreed to not only extend the first time home buyer tax credit, but they have expanded it to include move up buyers. The details are still being hammered out. There no longer is a rush to try to close by the end of November.
Perhaps next spring they will take this away and then buyers, sellers and real estate agents will be on their own to try to make transactions happen.
With the expansion of the tax credit for move up buyers, this should help a little bit for homes in the $300,000 to $400,000 range.
There remains little hope for home sellers over $500,000. That’s still a very, very challenging market.