I came across a survey that was recently completed in the first quarter of 2009, by the Richmond Association of REALTORs, surveying their members regarding whether or not the First-Time Homebuyers Credit was actually taking effect in the market. Questions ranged from are your clients applying for the $8000 credit? to should the credit be even higher than $8000?, and even ranged into whether respondents supported President Obama’s proposed change to the Mortgage Interest Deduction. The results?
A mixed bag, really. But it’s interesting to see how respondents, well, responded.
26% of respondents said that their buyers had applied for the $8000 First-Time Homebuyers Credit, but the majority of those said that the credit wasn’t a part of their client’s decision. Not surprisingly, most respondents also said that more buyers would enter into the market if more money was made available – well, duh. Most agents, at least the ones responding to this poll, seemed to feel as if the First-Time Homebuyers Credit was making a small impact, but nothing of real significance.
My area, the New River Valley, hasn’t conducted such a poll, but from my perspective the credit has gotten more buyers off the fence. Most of the buyers I’m currently working with are first-time buyers, in all price ranges, and every one of them has said that the $8000 First-Time Buyer Homebuyers Credit had an impact on them deciding to buy right now.
So what are you seeing?