This survey, "The 2009 National Association of REALTORS® Profile of Home Buyers and Sellers" was released yesterday, November 13th at the 2009 REALTORS® Conference & Expo.
Obviously as a REALTOR® practicing in Suburban Philadelphia I have a "vested interest" in the success of the local real estate market here, however there are other factors at play that effect everyone that shouldn't be overlooked: the health of the local - and national economy.
Every time a homebuyer purchases a home, no matter where it is, several other real estate transaction may also generated as a result of the first (the Smith's buy from the Wilson's who are now able buy from the Jones's, who buy a new construction home, etc., etc.). Short sales, bank owned (REO) and foreclosures are the exception of course, but when these properties are sold, it loosens up the local real estate inventory.
Paul Bishop, NAR vice president of research, said several factors have been at play. "Tax incentives, record high affordability conditions and a pent-up demand brought a record share of first-time home buyers into the market," he said. "These buyers are critical to housing and a general economic recovery because the market always heals from the bottom up -- they absorb inventory, free existing owners to make a trade and stimulate related goods and services."
You are right John - incentives can only help our industry right now.