First-Time home buyers

There is so much talk about the first time buyer. I want you to know a little about this buyer.  They are different from the repeat buyer by age, sex, marriage status, income bracket, style of property and how long they plan on staying in the residence.  The first time buyer is younger between the ages of 27 and 35. A large percentage of them are single and are female.  They like single family houses but due to the high cost of single family homes they tend to buy townhouses and condos.  They do not stay in this first property as long as a second time buyer.  The average time is 3-5 years for them to remain in that property.  The buying strength is good but often they buy on the zero down plan with sellers paying closing cost.  They are mortgage rich and cash poor. It is the first time buyer that stimulates the market and allows all other properties to sell.  They are interest rate sensitive.  The lower the interest rate  the more buying power they have.  This buyer is fussy, sees more properties than the repeat buyer, and has safety and resale in mind when they purchase. 

 

Date: Tuesday, February, 5th 2008 @ 02:08:50 PM
Views: 152

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