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How Much Of An Effect Did The First Time Buyer Tax Credit Really Have in Harrisonburg and Rockingham County? |
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Many people have asked me how much of an affect on our market the first time buyer tax credit has had over the past year. It's a challenging question to answer --- some first time buyers who bought this year may have bought because of the tax credit, but some (or most?) may have bought even if the tax credit didn't exist. One way that we should be able to tell if the tax credit had a big impact is to see if there are more first time buyers in the market now as compared to last year. Thus, I decided to examine the breakdown of sales prices during May and June 2010 (it should be a lot of first time buyers) as compared to all of last year (2009).  As you can see, above, I assumed that I would probably find a pretty big increase in the proportional number of lower priced homes selling this May and June as compared to last year.  Above, however, you'll note that there wasn't actually much of a change at all. About 60% of the homes sold in the last two months were priced below $200k and the same percentage of the sales from last year were below $200k. I welcome your suggestions for other ways to slice and dice the data to get at whether the tax credit had an impact on the market. For now, we'll say the jury is still out... Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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