Real estate organizations are putting increasing pressure on political leaders to increase the tax credit for first-time home buyers from $8,000 to $15,000, and make it applicable to all home buyers, not just first-timers. According to one study (by Weichert, Realtors), increasing the current tax credit to a maximum of $15,000 and extending it to all buyers would offer the motivation needed to turn many more prospects into buyers.
The survey of visitors to the firm's Website found that of those who had not yet made the decision to buy, about 84 percent would be highly motivated to purchase a home if they could receive a tax credit of $15,000. In contrast, only 46 percent of respondents said they would be motivated to buy if they received an $8,000 tax credit. Many economists are saying the tax benefit is vital in spurring home buying and stabilizing prices.
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