Falling prices and increased buyer incentives are encouraging first-time homebuyers despite the beaten economy.
More than three-fourths of 1,000 potential homebuyers surveyed by C21 said they think it’s a good time to buy a home. Additionally, 68 percent think prospects have improved in the last six months, and 85 percent consider home prices affordable.
Over half, 56 percent, of those polled said they are considering purchasing a foreclosed house. And 77 percent said they are more likely to purchase a house in the next six months because of the new $8,000 federal tax credit that can be claimed by first-time purchasers.
According to the C21 First-Time Home Buyer Survey, first-time homebuyers’ top reasons for buying are:
1. taking advantage of current housing prices (73 percent)
2. moving to a bigger living space (60 percent)
3. having a more suitable place to start or raise a family (56 percent)