Many rushed to sign on the dotted line last month, as homebuyers in the Buffalo Niagara region scrambled to take advantage of federal tax credits on home purchases before they expired, reports Buffalo News Business Today.
Pending home sales jumped to their highest level in at least 11 years as buyers rushed to sign contracts before the April 30 deadline for federal tax credits of as much as $8,000.
The expiring tax credits pushed the number of pending sales that still are waiting to close up by 35 percent from a year earlier to their highest level for any month since at least 1999, according to figures released Wednesday by the Buffalo Niagara Association of Realtors.