In 2009, first-time buyers made up an astounded piece of the market, representing 47% of all buyers. These statistics are most likely due to the federal tax credit and low interest rates. We continue to see this trend well into 2010. Below are some interesting facts about first-time home buyers:
- - Most first-time home buyers, at 49%, are married. Single women comprise 25% of first-time buyers while single men account for just 12%.
- - First-time home buyers tend to be young with 53% falling between the ages of 24 and 34. 12% of younger than 24.
- - 6% speak a language other than English and 12% were not born in the US.
- - Even though 22% purchase in an urban area, 52% continue to buy in the suburbs.
Working with first-time home buyers requires a patience not always necessary with those buying their second or third home. We frequently look at more properties and spend a greater amount of time explaining the process with these buyers. However, the reward is often greater as the excitement felt by a first-time home buyer in finding their own place in the world is immeasurable. We welcome the opportunity to work with first-time buyers as much as our experienced buyers. If you are considering your first home, contact us today to start talking about the process. It's a big step, but we will help you every step of the way.