With the deadline for the federal homebuyer tax credit looming, some Spokane-area REALTORS® are reporting levels of activity they haven’t seen since the first half of 2007, before the market slowed.

Marianne Guenther, a real estate agent with Windermere Manito Inc., said she had 70 people come through an open house a couple of weekends ago, a level of activity she hasn’t experience in three years or so.

“Everyone I talked to they mentioned the tax credit,” she said, adding that the homeowner received and accepted the offer on that house.

In addition, some sellers are listing their homes earlier than they would have otherwise in hopes of getting an offer before the tax credit expires. Guenther said she’s had five homeowners list their houses with her in the last week with the expectation they would get an offer before the tax credit expires.

The homebuyer tax credit is available for purchases made before April 30. It’s similar to the tax credit that spurred some home buying activity in 2009, but it includes a provision for repeat buyers in addition to the first-time buyer credit.

First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. Repeat buyers, also referred to as move-up buyers, receive a 10 percent credit, up to $6,500.

To qualify for the tax credit, a buyer must have a signed offer in hand by the end-of-April deadline, and those deals must be completed by the end of June.

To spur more activity, the National Association of REALTORS® is organizing the National Open House Weekend, on April 10-11.

Shane Delaney, a REALTOR® with Coldwell Banker Tomlinson Valley, said he too has witnessed an increase in activity in recent weeks, but not all of it can be attributed to the tax credit.

Homes in the lower price points – under $200,000 – typically sell quickly.

“You can’t keep them on the market if they are in good neighborhoods and aren’t ready to be torn down,” Delaney said.

What’s more encouraging, however, is more activity of luxury homes, he said. A couple of Spokane-area homes have sold for $1 million-plus in recent weeks, and homes in the $500,000-plus range are getting more showings than they did a year ago. For example, Delaney is representing a buyer whose home is on acreage and is listed at $599,000. One or two potential buyers are looking at that home every week; last year, a similar home would have had one showing every 30 days, he said.

“We’re hoping that activity will translate to more sales soon,” Delaney said.

The big question facing REALTORS® and sellers is what will happen after the April 30 deadline passes. Guenther said there was a decline in activity after the last tax credit expired. That credit, however, expired at the end of November, and December is typically a slow month. In contrast, this credit is ending at a time of year when the market is usually picking up steam.

Delaney said the activity likely will slow once the deadline passes. However, the general attitude with buyers, sellers and REALTORS® seems to be that the market is improving, he said.

“In general, at my open houses, the attitude has been much more positive this spring than last year,” he said.