First-time buyers are jumping into the market.
The latest National Association of Realtors (NAR) survey of home buyers shows that first-time buyers have risen in market share from 36% of all transactions in 2006 to 41% today.
According to the NAR, the median age of a first-time home buyer was 30, down from 31 in 2007. The study also stated that first-time buyers plan to stay in their home for 10 years, up from 7 years in 2007.
Other notes of interest in the study:
* Median income for a first-time buyer was $60,600.00
* The typical first-time buyer home cost $165,000
* Median down payment 4%, up from 2% in 2007
* The number purchasing with no money down fell from 45% in 2007 to 34%.
If you are a first-time home buyer and would like someone to represent your best interests in your home search please contact us at info@bostonreb.com.
I won’t make you sign a buyers agency agreement unless you want to.
Source: NAR Survey
Photo courtsey of Flickr
