There seems to be growing consensus that the US real estate market has indeed bottomed out. Reuters reports today that the number of transactions, pricing and general mood indicate stabilization. Price increases are unlikely this year, but are expected next year. In Manhattan we are not seeing pricing rise, but we are seeing offers off asking eased upwards, closer to asking. The number of contracts signed at or over asking has increased dramatically over the past 6 weeks, but mostly on well priced properties.

The first time/trade-up home buyer tax credit will expire soon: Qualified borrowers need to sign contracts by April 30 and close loans by June 30 to get the $8,000 first-time buyer credit or $6,500 move-up credit. How will this combined with the Fed ending its mortgage securities buy-back program affect our market?  Probably not at all in Manhattan. With income earners above $ 150k experiencing 3% unemployment, the ails of Manhattan are very different to the rest of the USA.

What do you think?