More than half of home buyers in the 2009 Profile of Illinois Home Buyers and Sellers were first-time buyers, due in large part to the first-time homebuyer tax credit stimulus and increased affordability in home prices in the last year. The survey results released by the Illinois Association of REALTORS® (IAR) found 51% of buyers were first-time buyers, compared to 47% nationwide (a figure which has averaged closer to 40% nationwide since 2001). When asked about the primary reason for timing of the home purchase, 46% of first-time buyers said it was just the right time.
“2009 has been a strong buyer’s market and in particular for the first-time buyer who was able to take advantage of the low interest rates and more affordable home prices and large supply of homes on the market,” said Mike Onorato, GRI, president of the Illinois Association of REALTORS®. “We should see this trend continue early in 2010 as the $8,000 first-time buyer tax credit has been extended through April 30 and expanded to include a tax credit for long-time homeowners of up to $6,500.”
Let me know if I can help, Dave drigney@ksgmac.com
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