If you’ve been thinking about buying a home in Colorado Springs, you might want to act quickly.  The federal tax credits for first time home buyers and other real-estate tax credits are set to expire on April 30^th 2010, and I wouldn’t expect this one to be extended.  This highly popular part of the stimulus program has helped many people become homeowners who would have stayed out of the market otherwise. 

So what will happen to the Colorado Springs real estate market after the tax credit expires?  Well, some analysts predict that home sales will slow down considerably during what is normally the busiest home-buying season of the year.  If this happens, one can expect the price of homes to fall.  While this is a great outcome for homebuyers, it is not such good news for sellers.

Others have suggested that without the tax credit, people will be looking to buy homes that don’t need a lot of work.  This is because many people looked at the tax credit as a way to have extra cash for home remodeling.  Without that cash, new homebuyers may be looking for homes that don’t need much improvement. 

If you are planning to sell your home in Colorado Springs and you don’t expect an agreement of sale by April 30^th, then you might want to consider making some significant improvements so it will sell quickly during the spring or summer. 

Buyers will not have much trouble finding a great selection of affordable homes after the tax credit expires, and they may even be able to demand more value for their dollar.  If you haven’t bought or sold your home by the end of April, expect to see some marked changes in Colorado Springs real estate happening soon.  It should be a very interesting season.