Friday, April 23, 2010

First-Time Buyers Take Larger Share of Home Sales in March

Real Estate Buyers: This is Your 11th Hour!

First-time homebuyers have been making up a large share of home sales in Tampa, Florida and across the nation. The extension of the First-Time Homebuyers Tax Credit has been a huge factor in this equation. According to HousingWire’s article First-Time Buyers Take Larger Share of Home Sales in March , first-time homebuyers accounted for 48.2% of all home purchases in the month of March, which was greater than the previous high of 46.9% last October 2009.

Thomas Popik, research director for Campbell Surveys stated “The strong participation of first-time homebuyers this spring is a welcome surprise. Many observers had felt that the pool of first-time homebuyers had been depleted last fall, but this is turning out not to be the case. Instead the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time homebuyers.”

SI Real Estate has seen first-hand the enormous affect of the extension of the tax credit in the Tampa Bay area. The phones have been ringing, showings are set, and transactions are being made. Real estate listings are going under contract within days of being placed on the market. If a buyer finds a home they really like they better put an offer on it quickly. Otherwise, someone else will and they will be back out looking for another option. Buyers should be reminded that the clock is ticking as the deadline for the tax credit approaches, and there is nothing to indicate that another extension will be offered. April 30th is just around the corner. This is your last chance for the incentive of a lifetime! Call SI Real Estate to learn more about this tax credit and any other real estate option that is of interest to you.