FIRST TIME BUYER? YOU SHOULD CONSIDER IT!
The lowest mortgage rates in decades and new government tax credits are tempting more first-time buyers, a new poll shows.
More than three-fourths of the people in a poll commissioned by Century 21 Real Estate LLC said they think it's a good time to buy a home – even with all the economic problems.
And almost 70 percent of the 1,000 potential buyers polled in early March said they thought homebuying prospects have improved in the last six months.
Penn, Schoen & Berland Associates conducted the online poll on behalf of Century 21.
It contacted a random sampling by e-mail, then sent 1,000 e-mail questionnaires to prospective first-time homebuyers who had indicated that they were likely to buy in the next two years.
The poll was taken March 2-7 and has a margin of error of plus or minus 3.1 percentage points.
"With the income tax credit for first-time buyers, interest rates under 5 percent, the overall selection on the market and the number of foreclosures, we have see an increase in activity, especially the first-time buyer," said Jim Fite, president of Dallas-based Century 21 Judge Fite Co.
"This is great news for housing and for the sellers that are thinking of placing their home on the market."
Falling home prices and increasing buyer incentives are the key factors driving the shift, the research indicates.
Several recent economic reports have shown an increase in homebuying across the country.
A large portion of the recent purchases have been foreclosed or distressed properties.
More than half of the buyers polled said they plan to shop for a foreclosed house.
And 77 percent said they were more likely to purchase a house in the next six months because of the new $8,000 federal tax credit that first-time buyers can claim.
Steve Blow - Dallas Morning News
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