Friday, February 12, 2010
The housing market indicates further slow down as the move-up buyers who represent 53% of the 2009 market are not able to take advantage of the move-up tax credit, reveals the National Association of Realtors. A significant number of home owners are unable to sell their current residencies or even get financing for a trade up.
According to Janice Leis, an associate with Coldwell Banker Boca Raton, Fla, even the young professionals with good salaries are disappointed with tax benefit. At first many think that it's great but when they take a close look, they are not satisfied. It's like false advertising. They get out with their hopes up, and they get their hopes dashed, Leis says.
"It's a real problem. For a well-functioning market, you have to have that trade-up buyer", confirms Mark Zandi, chief economist at Moody's Economy.com.



0 Comments:
Post a Comment
<< Real Estate Investment