New Prudential study says low mortgage rates, falling home prices more importantThe 2010 Home Buyer Tax Credit incentive program was credited with stimulating the real estate market. But the 2010 Prudential Real Estate Outlook Survey released April 28 by Prudential Real Estate and Relocation Services shows that most buyers will not be deterred from purchasing a home without the $8,000 tax credit option on the table. That’s a good thing, considering the tax credit expires April 30.
“The federal home buyer tax credits played a key role in increasing market activity,” says James Mallozzi, chairman and CEO of Prudential Real Estate and Relocation Services. “However, it is part of a larger fundamental shift that most importantly includes low mortgage rates and falling home prices.”
Consumers are certainly noticing that shift. Seventy percent of survey respondents said now is a “great” or “good” time to buy a home. And when asked whether the expiration of the home buyer tax credit would affect their decision to purchase a home, just 8 percent said it would make them much less interested in the prospect. The majority of respondents—65 percent—said it would have little or no effect on their interest in buying a house.
The Prudential Real Estate Outlook Survey was administered from April 15-20, 2010, to 1,000 U.S. consumers with at least $35,000 in annual household income. Want more information? Read the full 2010 Prudential Real Estate Outlook Survey or view the supporting charts and graphs.
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