Cincinnati housing market after the tax credits expire
Posted on | May 10, 2010 | No Comments
Some people seem worried about what will happen after the Federal Tax Credit expires. Will people still be buying homes in Cincinnati or will the market come to a screeching halt? Want to hear my two cents? The tax credit definitely made people push their purchase decisions into high gear during the first quarter of 2010, but buyers, even first time home buyers are still out there in the market even after the expiration of the tax credit. I even had a few first time home buyers that didn’t rush to buy because the $8,000 wasn’t even important in their decision.
A recent survey done by Prudential Real Estate and Relocation Services shows that the end of the federal tax credit will not deter buyers from continuing to buy homes.
Want the stats?
- More than 90% of those surveyed believe the home buyer tax credits have helped both first-time buyers and the overall housing market, but 65% say that the end of tax credits won’t reduce their personal interest in buying a home.
- Over the next five years, 79% expect real estate prices to increase and 20% expect prices to rise substantially. Only 12% believe prices will decrease.
- Among renters, 75% believe owning a home is a better long-term choice for them than renting.
- The majority of consumers also believe that homeownership is a good investment, with 75% saying it is better than stocks or bonds, 72% preferring it to mutual funds and 74% saying it surpasses savings accounts.
We have seen an increase in activity during the first quarter of 2010 with many people wanting to take advantage of the federal tax credits, but the Cincinnati housing market will continue to move in the right direction even after the expiration of the tax credits. Interest rates are at historical lows, homes have become more affordable, and let’s face it; everyone needs a place to sleep.
(Survey Source: Prudential Real Estate and Relocation Services, Inc.)
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