A recent survey leads industry experts to believe that the end of 2010 Home Buyer Tax Credits on April 30 in not likely to put a damper on the rebound of the housing market.
It seems that many consumers are realizing the incredible benefits of buying a home in the current housing market and that conditions have not been this favorable for buyers for quite some time.
The survey was created by Prudential Real Estate and Relocation Services, Inc and conducted between April 15-29, 2010. The survey was comleted by 1000 Americans whose ages varied from 25-64 with an average household income of at least $35,000. A startling 90% of the survey respondants said that the tax credits have helped the housing market tremendously. 65% believed that the tax credit ending will have little impact on the housing market overall.
Some concerns that were identified by these consumers were the fact that they felt that home prices and mortgage rates would rise in the next year. In fact, 46% think that the price of real estate in their local area will rise within the next year. The two main concerns from these consumers were: rising mortgage rates and unemployment.
The general opinion based on the responses of the survey was that owning a home is still considered to be a valuable investment to most consumers. So despite that the fact that the tax credits will expire, it seems consumers still view conditions as favorable for the purchase of real estate.