The key here is you have to have been in contract by April 30 of this year. If you were, they are giving you until September 30 of this year to close and take advantage of the $8000 tax credit for first time home buyers and $6500 credit for homebuyers who are buying a new primary residence.
The first tax credit that was to expire June 30 of this year has caused some back log with buyers trying to meet that deadline. This new deadline to September 30 should give everyone some breathing room.
Read the Reuters Article lining out the details of the extention.
As of the end of April the Reno Sparks area had an inventory of 2.3 months. This means thatat the current pace of housing sales we would sell all of the inventory in 2.3 months. Compare that with November of 2008, when we had about 13 months of inventory on the market. A typical buyers market is defined as 8 months of inventory on the market. You do the math. Some people say banks are holding back on releasing foreclosures. If that is true there could be a flood of houses hitting the market. All I know is we have been very busy putting buyers in homes.
Interest rates are unbelievably low. Remember...your home is your home, that is where you hang your hat. Nothing more nothing less.