New Survey Says Many First-Timers Are Ready To Buy!
More than three-quarters (78 percent) of potential first-time homebuyers say that now is a good time to buy a home, despite widespread concern about the economy, according to a First-time Homebuyer Survey. Out of the 1,000 prospective U.S. first-time homebuyers surveyed in early March, 68 percent think now is a better time to buy than six months ago. Only people who said they were likely to buy a first home in the next two years were included in the survey, with about one in four saying they planned to purchase in the next six months.
Prices are the driving motivation for potential first-time homebuyers with more than eight of ten first-time home buyers (85 percent) saying they consider current home prices affordable and 73 percent citing that taking advantage of current prices is a major factor in their decision to buy. Interestingly, potential first-time buyers are still split between "being willing to consider an offer now" (42 percent) and "waiting for prices to go down before they seriously consider making a purchase" (48 percent).
But nearly half don't know about the $8,000 tax credit available to first-time homebuyers through the end of November, and three in four say it's hard to get a loan. Whether they'd heard about the credit or not before being surveyed, 77 percent said it would make them more likely to buy a home in the next six months.
While 42 percent of those surveyed said they'd be comfortable buying a home in the current market, 48 percent said they are waiting for prices to go down further.
Among renters, 91 percent said they would be likely to buy a home in the next six months if they found an acceptable home with monthly mortgage payments within $250 of their current rent.
About 85 percent of all of those surveyed said they consider current home prices to be affordable, and 68 percent think now is a better time to buy than six months ago.
Among those looking to buy in the next six months, 69 percent said they were worried about home prices rising if they didn't act soon.
What’s it all mean? It means that if you can reach potential first-time homebuyers with information about the Tax Credit, about half of them are ready to purchase within the next six months!
Start using the Tax Credit promotion available in Market Advantage today to build your business tomorrow!
