This survey which was done during the first part of 2010, identified issues that play into the decisions involved in purchasing a home. The respondents were saving for, looking for, or had just purchased a home.
Approximately sixty-three percent of those who were thinking about purchasing or who were actively looking are convinced that a Buyer's Market exists. Approximately fifty-four percent believe that mortgage interest rates are within their means. Seventy percent say that there are homes available that they can afford. Nearly fifty percent believe that the present economic situation facilitates more negotiation than before. Surprisingly, only just under forty percent of them stated that they hoped to make use of the tax incentive prior to it's' expiration date.
There is quite a bit of conjecture regarding the housing market after the expiration of the tax incentive. While the incentive was an encouraging dynamic, and a great number of purchasers made use of it, it was discovered that the tax credit was only one of the motivational causes. Because people purchase homes for many reasons, and it may well be that the usual seasonal patterns of home purchasing will continue despite the expiration of the Federal Tax Incentive.
