A last minute rush of buyers trying to cash in on a $8,000 dollar tax credit is keeping Tri-State real estate offices busy.
"There's a good buzz in the office," says Erik Zimmerman, a broker at Comey & Shepherd's Hyde Park office. "That's always a good indication that sales are good if there's a good foot traffic and the phones are ringing," he says.
Zimmerman says property showings are up, and some agents have more pending sales than ever before.
"We have one agent in particular who's written 12 contracts in the last week," said Zimmerman.
Zimmerman says they've had more sales as a company in the first three days of this week than any other one week period in the month of September.
The Cincinnati Area Board of Realtors says 20 to 30 percent of local home buyers are using the $8,000 tax credit to buy a home.
The national average is about 40%.
Comey & Shephard realtor John Boggess sold a one bedroom, one bath condo in East Walnut Hills to a first time buyer Wednesday night.
He says the client looked for over a year before deciding.
"His (the client's) thoughts were, 'I've gotta move now or I'm going to miss this window and I'm not going to be able to close,'" Boggess explains.
Boggess also points out that buyers have to allow time to close the loan, but many people are still on the fence.
"A lot of them are wondering if this is the perfect time. This is the perfect time and if they don't get moving right away, they're going to miss this magic threshold," noted Boggess
Right now, the senate is considering a plan that would extend and expand the stimulus package that includes the first-time home buyer credit. One proposal would combine the program with an extension of unemployment benefits.
That bill is expected to reach the Senate floor next week.
