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Tax Credit Extension Would Influence More Buyers
In a recent survey conducted by Zillow, an estimated 25% of qualified first-time homebuyers would be significantly influenced to purchase a home, should the $8,000 tax credit get extended through 2010. Another 27% said that while the credit may not be a primary influence, it would still play an important role in their decision.
Additionally, the report approximates that the number of first-time homebuyers purchasing between Dec. 1st, 2009 and Nov. 30th, 2010 would escalate to around 1.86 million. If these buyers all qualified for the credit program, the cost of the program could go up to almost $15 billion dollars.
Proponents of the tax credit extension feel that the continuation of the program will drive more buyers to the market, creating demand, and driving up the momentum of the industry. With so many realtors and consumers alike wanting the credit extension, it's up to the government to make the crucial decision.
As always, please feel free to call me at 239-357-9558 with any of your Real Estate needs or questions. Rgds, Jay
