Lower Prices Motivate Homebuyers
Friday, September 25, 2009 | Comments Off
Housing affordability is driving many homebuyers back into the housing market, according to a recent study by Realtor.com. Nearly two-thirds of potential homebuyers (65.2%) say they are motivated to buy a home because prices have become more affordable. One in five say foreclosure bargains have prompted them to shop for a new home, and 15.5% say they are motivated to buy soon because they believe prices have hit bottom. The federal government’s $8,000 first-time homebuyer tax credit was a motivation for 14.6% of those surveyed.
While lower prices are attracting buyers, they’re also prompting one in 10 sellers to delay selling their homes, the study finds. Meanwhile, two-thirds of buyers surveyed say they are not likely to buy a foreclosure in the near future.
Brian Ripp, CRS, GRI, Broker – your Bay Area Realtor
www.BrianRipp.com serving Fremont, Newark, Union City & surrounding communities. Real Estate & Property Management.
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp