| First Time Home Buyers in 2009 | |
What are other first time buyers doing?
The tax credit extension and expansion in November has fueled new discussion about home buyers and the housing market in 2010. Here’s a look at first-time buyers in 2009.
- The median age is 28, significantly down from where it was in 2005 at 32.
- Location or Neighborhood was the No. 1 “must-have” for 36% of buyers.
- 2 out of 3 sellers paid at least part of the buyer’s closing costs.
- 76% used their own savings for the down payment.
- 1 in 4 had help from their family for the down payment.
As elevated levels of distressed properties are expected to continue for the next few years, here is a glimpse of buying a distressed property:
- 27% of foreclosures* were purchased by investors.
- 47% of distressed* properties were purchased by first-time buyers.
- 89% of those first time buyers that purchased a distressed property were motivated by the $8,000 tax credit.
- 7 in 10 agents have seen an increase in multiple offers.
- Approximately 3 out of 5 agents discuss the differences between buying distressed and traditional properties at the buyer consultation.
* Distressed – Short Sale and REO, Foreclosure – REO Only
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