Record Setting Year for First-Time Home Buyers
November 18th, 2009 categories: First Time Buyers, Real Estate Buying, Real Estate Stats
According to the National Association of Realtors the results of the NAR Survey indicates that first-time home buyers are fueling the real estate market.
- 47% of all Americans who purchased a home this year had not previously owned one during the previous 3 years
- The rate for first-time buyers has increased from 41% in 2008 and 36% in 2006.
- The first-time buyer tax credit (now in effect for contracts written prior to May 1 2010) gives a credit up to $8,000 which can be deducted from income taxes.
Sellers thinking about waiting until the spring market should evaluate the impact of first-time home buyers and may decide to list now. Questions or concerns about the local real estate market- let me know.
Related Articles: First-Time Home Buyers-CNN Money; Real Trends
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