RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Tax Credit Extension Needed to Guard Against Real Estate Decline

Home Consumer
October 1, 2009
Reading Time: 2 mins read

tax_creditRISMEDIA, October 2, 2009—According to a recent survey of real estate agents, the first-time homebuyer tax credit has been extremely successful in stimulating the housing market and the overall economy. However, the overwhelming majority of agents polled, see challenges for real estate if the tax credit is allowed to expire on Nov. 30, 2009. 

Of the nearly 1,000 agents surveyed in a study conducted by Weichert, one of the nation’s largest independently-owned real estate companies, 71% reported that the $8,000 tax credit was the single largest factor motivating the buyers they have worked with in 2009 far surpassing affordable home prices (20%) and low interest rates (8%). 

While the tax credit has helped stimulate the market since being passed by Congress in February, it appears real estate agents feel more support is needed. The vast majority of respondents (92%) think the market will decline if the tax credit is allowed to expire this year. Given that expectation, it’s not surprising that 97% favor extending the tax credit with the majority wanting to continue the credit until Dec. 31, 2010. 

“The tax credit is working to restore confidence and stimulating the overall economy but we still have a long way to go before we return to a normal market,” said James M. Weichert, president and founder of Weichert, Realtors. “As this survey shows, many in our industry are concerned that we will lose much of the ground that has been made toward a recovery if the tax credit is not extended.” 

The survey further revealed that agents think expanding the tax credit to include current homeowners would help expedite the recovery for higher-priced homes–something that has yet to happen as a result of the first-time buyer tax credit. Respondents felt nearly nine times more confident in saying that we are very likely to see a recovery in mid- to high-priced homes in the next one to two years if existing homeowners could also receive the tax credit (61% to 7%). 

Beyond aiding the housing market, the tax credit appears to have had a stimulating impact on other sectors of the economy as intended. Agents reported that 39% of buyers used the money they received from the tax credit for renovations and remodeling while another 20% purchased household items such as electronics, appliances and furniture with the financial incentive they received for purchasing a home. 

The survey also revealed that agents feel the tax credit is vital to stabilizing the national economy. Of those polled, 84% felt extending and/or expanding the credit is very important in the ongoing recovery effort. 

For more information, visit www.weichert.com. 

ShareTweetShare

Related Posts

Lone Wolf Technologies Announces New Integration with Follow Up Boss
Agents

Lone Wolf Technologies Announces New Integration with Follow Up Boss

October 29, 2025
Powell
Industry News

Fed Cuts Rates by Quarter Point, Again; No Significant Mortgage Rate Changes Expected

October 29, 2025
Brokers Invited to ‘Growth Through Acquisitions’ Event Hosted by Anthony Lamacchia
Industry News

Brokers Invited to ‘Growth Through Acquisitions’ Event Hosted by Anthony Lamacchia

October 29, 2025
Better
Agents

Better Homes and Gardens Real Estate Announces Coachella Valley Affiliation

October 29, 2025
Security
Agents

Working With a Buyer’s Big-City Security Concerns and Desires

October 29, 2025
Redfin
Agents

Redfin Private Listing Restrictions on Pause as Compass Demands Internal Communications

October 29, 2025
Tip of the Day

Five Things That Could Lead to Buyer’s Remorse, and How to Avoid Them

While home-buying remains one of the most prominent and desired milestones for Americans, sometimes people will have regrets about their choices. Read more.

Business Tip of the Day provided by

Recent Posts

  • Lone Wolf Technologies Announces New Integration with Follow Up Boss
  • Fed Cuts Rates by Quarter Point, Again; No Significant Mortgage Rate Changes Expected
  • Brokers Invited to ‘Growth Through Acquisitions’ Event Hosted by Anthony Lamacchia

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2025 Newsmakers
    • 2024 Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2025 Power Broker
    • 2024 Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2025 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X