Realtors say homebuyer's tax credit is working

Last Update: 10/23 8:29 pm

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Realtors: Homebuyer Credit A Success 10-23-09

(WSYR-TV)

Liverpool (WSYR-TV) - If you needed proof the first-time homebuyer tax credit is working, the New York State Association of Realtors says look at the numbers.

In comparing existing single-family homes sold in the second quarter of 2009 to homes sold in the third quarter, every single county in central New York saw a significant increase in sales.

Realtor David Manzano from the Greater Syracuse Association of Realtors will tell you first-time homeowners are to credit for the uptick in sales.

"With more buyers we had more multiple offers in the first-time homebuyers range, and that ... definitely made the homes sell, and brought sales up a little higher,” he said.

In addition to sales, home prices in Onondaga County are on the rise. The median price of a home here went from $133,000 in August to $134,900 in September, a welcome change for sellers.

He is hopeful the credit will be extended or expanded to sell homes that still remain on the market, and even better, to spur new home construction. “Utopia would be an extension -- not just the $8,000 for the first-time homebuyers, but for everyone purchasing homes,” Manzano said.

The Syracuse area fared especially well, he says, because we have many homes that fall into the first-time homebuyers' price range, which is typically between $80,000 and $140,000 -- and as the numbers show, many people here were ready to make the investment.