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The tax credit of $8,000 for first time buyers and $6,500 for repeat buyers is over. In order to qualify for the credit, a buyer had to have a purchase and sale agreement signed by all parties in place by April 30. The month of April brought a significant increase in the number of new pending sales. New pending sales have dropped in May and June as would be expected. Many of the sales that otherwise would have taken place in May and June were compressed into April. Inventories in most towns in North Central CT are on the rise which will most likely lead to a continued decline in prices. Interest rates are at or near historic lows making now a great time to be a buyer. Even if prices are slightly lower a year from now, it is entirely possible that rates will be higher offsetting any gain a buyer may get do to the lower price. If you are a buyer and you see a home that is fairly priced and it is a match with what you are looking for, you should buy it without hesitation. Ten years from now people will look back at this wonderful buying opportunity and will either say “I am so glad that I bought back in 2010 when prices and interest rates were much lower than they are today” or “I should have bought back in 2010 when I had the chance”.