According to the National Association of Realtors, home sales picked up in February 2009, just over January numbers.
First time home buyers accounted for more than half of all buyers in the market. They are usually in a better position to buy than others, as they do not have another home that they are waiting to sell.
Buyers are out searching for a deal and they are finding them. Nearly 50% of homes that sold were distressed sales, either foreclosures or short sale properties. These distressed properties are coming with a price tag of about 20% less than a typical sale.
First time home buyers are also out right now taking advantage of the $8000 first time homebuyer tax credit. This chart highlights the differences between the previously established $7500 tax credit and the now revised $8000 tax credit.
Home sales are anticipated to increase even more in the Spring.
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