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Will the housing market bottom out after the tax credit is over?

My husband and I are considering buying a house in a suburb near Columbus, OH. There is not much time left to claim the $8000 tax credit and the Rural Development loan money is about to run out as well. We have yet to find a house that we want to buy, so it is very likely that we will not be buying a house until after the credit is over. Does anyone have any thoughts or expertise on what will happen to the housing market once the option to claim the tax credit is over? Do you think that housing prices will dip lower than they are already?

I'm just wondering if there would be a benefit to waiting until the tax credit has ended. Again I am from the Columbus, Ohio area.

Thanks!!!

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March 17 2010 - Ashville
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Hi,
I work in California, not Ohio, however, I believe you are correct and that we will see an evening out of the market after the tax credit expires. We saw that immediately in December, and I expect the same thing this time. I hope this helps you.
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March 17 2010
I think this will depend on your area, but in general as a tax pro and a loan consultant what we are seeing is under use of this tax credit. I don't think it will effect pricing and values over all. We may see a dip in buyers looking shortly after the tax credit is gone, but hopefully more incentives from lenders in the form of new loan programs for a boarder spectum of buyers will be added.  
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March 17 2010
 
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