First-time home buyers, you have until Friday to take advantage of the $8,000 tax credit before it expires. When it does expire, what will happen to the real estate market?
Some experts don't seem to think the Grand Strand, in particular, will see much of an impact considering the uniqueness of the local housing market.
"A lot of people buying rental homes, investor properties and 50 percent of our transactions in the first quarter were in cash," said Tom Maeser, a market analyst with the Coastal Carolina Realtors Association.
Maeser points out that 66 percent of Grand Strand property owners are non-permanent residents, chiefly investors. Of the roughly 33 percent who are permanent residents, Maeser said only a fraction are likely first-time home buyers.
"You're talking about close to seven percent of the total market that's affected. So, it's not a big number. I mean, it does impact for sure," he said.
When it comes to the struggling real estate industry as a whole, some experts say the tax credit is merely a temporary solution.
Maeser said, "It has a short term boost, then a drop... It sure helps the people at the time and that's great, but long term gain or benefit, I'm not sure there is one."
Long term gain, adds Maeser, is what's critical to righting the real estate ship, especially considering it makes up about 15 percent of our national economy.
"Real estate motivates everything in the United States, I mean, people don't buy appliances if they don't own a home. They don't buy furniture if they don't own a home. Property taxes, all these homes sitting vacant, your city services are not getting money from them, no tax revenues," said realtor Barbara Cicala, with Exit Realty Elite.
Cicala said she does see the benefit and would like to see an extension of the tax credit.
She said, "I think they should extend it another six months. There's still a lot of short sales and foreclosures that first-time home buyers could benefit from."
Experts say what's still holding the Grand Strand back from a complete turnaround is the tight grip on lending by banks, as well as the foreclosures that continue to flood the market.
Maeser predicted, "As soon as we get rid of the foreclosures we will start seeing our prices start to increase which will help us try and achieve that sellers market again."
Maeser said he thinks we are beginning to see the tide turn, a good thing for real estate and the economy as a whole. He adds that the real estate market typically brings you into a recession and typically leads you out.
First time home buyers have until Friday to sign a contract to qualify for the credit. Military personnel have an extra year.
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