First-time home buyers, drawn to the market by favorable pricing and the lure of an $8,000 tax credit, dominated the Ohio housing market throughout 2009, according to research conducted on behalf of the Ohio Association of REALTORS.
In fact, first-time buyers accounted for 47 percent of all buyers nationally and in Ohio last year, with 55 percent of those in Ohio indicating that the credit was a key determining factor (compared to 49 percent nationally).
The 2009 profile is the first such report conducted for Ohio since 2003 and reveals marked differences. Six years earlier, first time home buyers only accounted for 38 percent of the market (verses 47 percent last year).
Just a few other interesting nuggets in the report included:
The use of the Internet in the home-buying process continues to increase, with buyers in Cincinnati (91 percent), Cleveland (89 percent) and Columbus (90 percent) helping to drive the statewide number up six points from the 2003 mark of 71 percent.
The number of “for sale by owners” is declining statewide, with only 9 percent selling without the use of an agent verses 14 percent in 2003.  Half of the sellers knew the buyer prior to the home purchase.
Recent sellers typically sold their homes for 94 percent of the listing price, and 62 percent reported they reduced the asking price at least once. Forty-six percent offered incentives to attract buyers.
Ninety-two percent of sellers report their home was listed or advertised on the Internet.
Among recent sellers who used an agent, 84 percent reported they would definitely (56 percent) or probably (28 percent) use that agent again or recommend to others. The added value consumers place on the services offered by real estate professional is reflected in the large majority of consumers who would use again, and or recommend them to others.
The extended first-time buyer credit (up to $8,000) and the new tax credit (up to $6,500) for buying up or down, historically low mortgage interest rates, plus favorable buying opportunities makes this a great time to capture the benefits of home ownership.
The door is open to great buying opportunities plus the once in a lifetime tax credits. Contact a local Realtor and learn more about the great tax credits and ask about the great buying opportunities
Source OHIO REALTOR Newspaper: The 2009 Profile of Home Buyers & Sellers report prepared by the National Association of REALTORS, and made possible by a grant from the Ohio Division of Real Estate's Education & Research fund.

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