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Almost 1 in 5 prospective homebuyers say extending $8,000 tax credit to 2010 would be primary influence on their decision to buy

By: Dennis Norman ZILLOW.COM LOGO

Nearly one in five (18 percent) prospective first-time homebuyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time period for an extension, according to additional analysis.

Zillow queried adults who qualify as a first-time homebuyer, asking them if an extension of the tax credit would influence their plans to buy a home before the end of 2010. If the credit were extended, of those who intend to buy a home, 18 percent called the credit the “primary influence” in their decision, 25 percent said it would be a “significant influence,” and 27 percent said the credit would have “some” influence on any home buying decision. Thirty-one percent said it would have no influence on their decision.

Zillow analysis of current market trends shows that, if the credit were extended, a total 1.86 million first-time homebuyers would purchase homes between Dec. 1, 2009 and Nov. 30, 2010. If all could take advantage of the full $8,000 tax credit, this could mean up to $14.86 billion in tax credits.

A perfect segway into a related topic…

fix-housing-first1

Time to Take Action!

At the beginning of this year I wrote a post about Fix Housing First, a coalition that was originally working to convince Congress for a housing stimulus package that they feel would have a more significant then what was ultimately passed, and since has been working to get the tax credit extended beyond its current expiration date of November 30, 2009.

At this point both the Treasury Department and the White House economic team are currently reviewing the homebuyer tax credit, to decide whether or not to recommend that it be extended past its current expiration date of November 30, and expanded beyond first-time buyers. Fix Housing First is now asking interested parties to take a moment to weigh in and let the White House and Treasury Department know that the homebuyer tax credit is working and to urge them to extend it as well as expand it to apply to more than just first-time homebuyers. If you share this sentiment and can spare about 30 seconds then please click here to send your message!

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