First-Time Homebuyers Key To Local Housing Market
January 6th, 2010 categories: Chicago Real Estate News
It’s impossible to overstate just how important first-time buyers are to the health of the Chicago and Illinois housing markets. These new buyers, after all, account for a surprisingly large percentage of the home-buying public.
The 2009 Profile of Home Buyers and Sellers, released late last year, showed that more than half of all home buyers in the state were first-time buyers in 2009.
This is why I thought it was so important that members of Congress extended the $8,000 first-time homebuyer tax credit last year. Many real estate experts have pointed to the tax credit as the primary reason why the number of Chicago home sales has climbed so steadily during the last half of 2009. That $8,000 credit has inspired a growing number of new homebuyers to enter the market. Combine it with the falling housing prices in Chicago and across the nation, and it’s little wonder that first-timers today are eagerly jumping into the residential real estate market.
According to the survey by the Illinois Association of REALTORS®, 51 percent of homebuyers last year were first-time buyers. That compares to 47 percent across the nation.
But even that 47 percent figure is an increase from typical times. Since 2001, first-time buyers typically make up about 40 percent of all buyers across the nation.
To me, the higher percentages prove, again, that the first-time homebuyer tax credit has been a huge boon to the health of the housing market, both locally and nationally. This is why I was excited, too, to see Congress create a new tax credit of $6,500 for all other homebuyers.
The real estate market needs all the help it can get to continue its steady recovery in 2010. The pair of tax credits is just one more tool to help the market continue to gain strength. Remember, a healthy housing market generally results in a healthy economy. And I think, as 2010 begins, that we’re all hoping for more signs of economic rebirth in this country.
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