First-time homebuyers taking advantage of tax credit continue to stimulate sales
There were 1,973 home closings reported for the month of November, according to figures provided by the Greater Nashville Association of REALTORS®. This figure is up 58.7 percent from the 1,243 closings reported for the same period last year.
Year-to-date closings through November are 19,571, a 14.3 percent decrease from 2008 when 22,824 closings were reported through November.
“The number of home closings being so high in November is due largely to the first-time homebuyer tax credit. No one knew whether the original deadline would be extended, so many people chose to act on the opportunity to purchase a home,” said GNAR President Mike Nichols. “The high amount of activity at the first-time buyer level is likely to continue and it may now help create some move-up activity since the tax credit has now been expanded beyond just first-time buyers."
"The impact of these home sales goes well beyond the actual real estate transaction," Nichols continued. "Those who purchase homes are very likely to make other purchases for their homes like appliances, furniture, floor and wall coverings, lawn equipment and other decoration and improvement items. That is great news for the local and regional economy."