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Tax credit big factor for first-timers

Zillow survey: Extended credit would generate 334,000 sales

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Nearly one in five prospective first-time homebuyers say an extension of the tax credit for first-time homebuyers would be the biggest factor in deciding whether to buy a home by the end of 2010, according to a survey by real estate listings and valuation site Zillow.com.Asked if an extension of the tax credit would influence their plans, 18 percent called the credit the "primary influence" in their decision, 25 percent said it would be a "significant influence," and 27 percent said the credit would have "some" influence on any homebuying decision. Only 31 percent said it would have no influence on their decision.Zillow said the survey's results imply that an extension of the tax credit through Nov. 30, 2010, could generate 334,000 additional home sales.An estimated 1.4 million homebuyers have claimed the existing tax credit, and the National Association of Realtors claims 350,000 would not have purchased a home otherwise.Extending the credit is controvers...