The 2009 housing market is looking bright!

First time home buyers have been responsible for over 40% of homes sold in the past year. Home sales are up 9.2% overall in September 2009 compared to September 2008, which experts attribute to the first-time buyer tax credit that is in effect on all homes closed between now and the end of November, according to CNN Money.

“To help boost home prices and sales, lawmakers are considering extending the tax credit and expanding it to all but the wealthiest homebuyers.

While keeping the credit would help lift housing prices, senior economist at PNC Robert Dye says it would only be a temporary effect until the program stopped, as was seen with Cash for Clunkers.

In the Midwest, sales were up by 9.6% to a pace of 1.25 million, which was 7.8% higher year-over year.”

Click here for the full CNN Money article.

With the combination of record low prices and the $8,000 tax credit (that we are matching at 1555 Wabash), now is the perfect time to close on your new home! 1555 Wabash can be that new home for you, with beautiful condominiums located in the heart of Chicago’s South Loop and minutes from virtually anywhere you’d want to go in the city. To get your journey started, click here to visit New West Realty and to get more information or request a showing at 1555 Wabash!