2010 Illinois Real Estate Buoyed by Pricing and Tax Credits

Real Estate Articles

2010 Illinois Real Estate Buoyed by Pricing and Tax Credits

Previous

Contents

Next

The robust buyer's market in Illinois last year could be attributed to growing consumer confidence, but realistically industry experts point to rock bottom pricing and government tax credits as the driving force.

The first-time homebuyer tax credit, which officially expired on June 30 of 2010, is the number one reason behind the impressive year for the Illinois housing market. According to the 2010 Profile of Illinois Home Buyers and Sellers survey conducted by the Illinois Association of Realtors, 53 percent of buyers were doing so for the first time.

Combine the tax credit with record low interest rates and more than affordable home prices and you have created the "perfect storm" for potential Illinois buyers. The survey asked buyers to name their primary reason for purchasing a home.

A majority of respondents (34 percent) said it was simply the right time to buy, running a close second, 27 percent said they did it because prices were so affordable. Out of the total number of homebuyers in 2010, a staggering 72 percent took advantage of the first time homebuyer tax credit.

Here are a few additional statistics from the survey:
First time Illinois buyers were young, with a median age of 30. Repeat buyers, as you might expect, were slightly older at 42 years of age. Single women made up 22 percent of the total buying population, while single males remained flat at 11 percent.

Federal Housing Administration (FHA) financing was used by 51 percent of first time homebuyers and 37 percent used a conventional loan with a traditional lender. Out of the pool of total buyers, 38 percent went with FHA financing and 50 percent went with a conventional loan.

New homes accounted for only a small percentage (9 percent) of total homes sold in Illinois. An overwhelming majority of respondents (68 percent) said they purchased a detached single-family home, while 17 percent purchased an apartment or condo and 10 percent a townhouse. Nine percent took advantage of the lower pricing of a short sale home and only four percent bought a home in foreclosure.

You can talk about... 2010 Illinois Real Estate Buoyed by Pricing and Tax Credits

Tags: • illinois • new homes • short sale • tax credits • home prices • home buyers • family home • single women • low interest • perfect storm • interest rates • purchasing a home • buyers and sellers • low interest rates • consumer confidence • homebuyer tax credit • federal housing administration •

• Massachusetts Home Sales Slow (real estate markets)
• Connecticut Foreclosures Slowing (foreclosures)
• Survival Guide for Tennessee Realtors (creative marketing)
• A Comparison of Past and Present Real Estate Markets (real estate markets)
• More related articles for A Comparison of Past and Present Real Estate Markets

Previous

Contents

Next

• <a href="http://realestate-library.classifieds1000.com">Real Estate</a>
• <a href="http://realestate-library.classifieds1000.com/federal_tax_credits">2010 Illinois Real Estate Buoyed by Pricing and Tax Credits (federal tax credits); Real Estate Articles</a>

Privacy & DMCA Policy -- Sitemap
federal tax credits 2010 Illinois Real Estate Buoyed by Pricing and Tax Credits