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Portland, Ore. - According to figures released today by the National Association of Realtors, 53% of March 2009 home purchases were first time home buyers. RE/MAX equity group reported similar results, shadowing the national numbers.
The federal stimulus program offers first time home buyers a one time tax credit of up to $8,000. The program was signed into law by President Obama on February 17, 2009. The goal of the program is to stimulate home purchases during this recessionary period, especially with those buying for the first time.
"We certainly look at this as a very positive economic indicator. First time buyers are typically the most cautious, so to have such strong results with this sector is really a great sign," said Jim Homolka, President of RE/MAX equity group realtors.
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. To qualify as a "first time home buyer", the purchaser or the spouse of the purchaser may not have owned a residence during the three years prior to the purchase. The 2009 First Time Home Buyer Tax Credit may be applied to primary residences including: single family homes, condos, town homes and cop-ops.
About RE/MAX equity group: RE/MAX equity group has been the number one real estate company in Oregon and Southwest Washington since 1995. Its agents are recognized as being among the most knowledgeable and professional in the real estate community.
About RE/MAX International: The RE/MAX franchise network is a global real estate system operating in 65 countries. More than 7,000 independently owned offices engage more than 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation, and asset management. For more information visit http://www.remax.com.
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