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Survey: Homebuyers feel confident in today's real estate market

May 4, 2010 - Despite the expiration of the Federal Housing Tax Credit last week, many homebuyers still feel they have an advantage over home sellers, new research suggests.

A recent study from Better Homes and Gardens Real Estate revealed that 63 percent of respondents who were looking for or considering buying a new home believe that the market was more favorable to buyers than sellers. Furthermore, a total of 54 percent of individuals felt that mortgage rates were affordable, and 70 percent felt that there were reasonably priced homes on the market.

However, only 39 percent of respondents said that they were planning to close on a new home quickly in order to take advantage of the tax credit. This may be related to the fact that many of these prospective buyers felt they could save on a new home by working directly with the seller, as 49 percent believed that the state of the market gave them more room to negotiate.

"People buy homes for lifestyle reasons as well and I suspect that the normal seasonality patterns of home buying will still play out now that the tax credit has expired," explained Sherry Chris, CEO of Better Homes and Gardens Real Estate.

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