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What is motivating prospective homebuyers to come off of the fence and purchase real estate in these current market conditions? Is it the favorable interest rates, is it the newly extended and expanded homebuyer tax credit? Well according to a recent article by Luke Mullins of U.S. News & World Report the 2009 profile of homebuyers and sellers by the National Association of Realtors (NAR), the tax credit was the fourth leading reason why first time homebuyers made their purchase. The aspiration to own their own home was the number one reason at 62%, followed by the current affordability of homes at 10% and lastly at 8% it was a change in family situation.
Based on these statistics it seems that homebuyer motivation is the major indicator that has spurred the latest increase in real estate sales. At the end of the day it is a mixture of things that motivates buyers to purchase. It is the Feds program to keep mortgage rates low, it is the homebuyer tax credit to help generate some form of savings for purchasers and it is the current market conditions making properties more affordable today than they were a year ago.
Click here to view the updated First-Time Homebuyer Tax Credit.
November 30, 2009 at 4:25 pm
Hey Ryan,
I am referring a friend from the church to you who is interested in buying a house, her name is Greg and Josanne Evelyn.
I like your website, you make New York look so pretty and inviting!! LOL. It is a great city, and I do love New York. God bless you in your new adventure. I will talk to you soon, I need to get my own, I just need help getting my credit straight!! God bless.
Lady Linda Lou!!!