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Daily Real Estate News | September 24, 2009 |
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document.write(' Share '); At least 43 percent of potential first-time home buyers told Zillow.com that extending the $8,000 federal tax credit would go a long way toward motivating them to buy a home in 2010, Nearly 18 percent called the credit the "primary influence" in their decision; 25 percent said it would be a "significant influence;" 27 percent said the credit would have "some" influence on any homebuying decision; and 31 percent said it would have no influence.If the 18 percent of those who called the credit a primary influence ultimately bought a home, that would equate to 334,000 buyers from Dec. 1, 2009, to Nov. 30, 2010, and would cost taxpayers $14.86 billion, the online real estate marketing firm calculated. Zillow also noted that based on its survey, about 80 percent of first-time home buyers in the coming year will buy whether there is a credit or not, but it argues that expanding the credit is worthwhile.“While 334,000 may seem like a small number relative to the total number of home buyers who would claim the credit, their addition to the market next year could make the difference between a robust annual increase in home sales next year and a flat or negative change in home sales relative to this year,” Zillow Chief Economist Stan Humphries says.Source: Zillow.com (09/24/2009)
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