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According to the National Association of Realtors 2009 Profile of Home Buyers and Sellers, first time home buyers made up 47% of the market during that year. And with luring incentives like the federal tax credit, low mortgage rates and affordable housing, this statisitc may not comes as a great shock.
So, who are these first time home buyers, what do they want and what makes them tick? If you have your
real estate license, or even if you're simply thinking about it, you need to know the answers to these questions. Check out research from NARs 2009 Profile of Home Buyers and Sellers:
Most are married. 49% are a married couple. Next, single females comprise a quarter of first-time buyers. Single males account for 12%.
They're Young. 53% are between the ages of 24 to 34. 12% are younger than 24.
They're Diverse. 22% are part of a minority group. 6% speak a language other than English and 12% were not born in the United States.
They Like Suburbia. 22% purchased in an urban area, while 52% percent preferred the suburbs. The remainder gravitated towards a small town.
They Take their Time. First time home buyers take approximately 12 weeks to find their home. Repeat buyers took approximately 10 weeks.
Foreclosures Interest Them. 11% of first time home buyers bought a foreclosed home, while 56% considered it. Only 9% of repeat buyers bought a foreclosed home, while 41% considered it.
They're Most Likely to Use a Referral. 53% found their agent through a referral, compared with 36% of repeat buyers, many of whom sought the services of their previous agent.
According to housing economists, 2010 will be an even bigger year for first time home buyers. Get your real estate license online or
renew your real estate license online - you don't want to miss the opportunity to market your services to this group.
Source: realtor.org; 2009 Profile of Home Buyers and Sellers