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

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