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First Time Home Buyers on The Rise
According to the National Association of Realtors, NAR, the number of first time home buyers is definitely on the rise. The number rose from 39% to 41% in 2007. What do we attribute this to?
Several factors:
- First time home buyers don’t have a home to sell before they can make their purchase so they are more flexible.
- The number of homes on the market has risen.
- The prices of homes in many areas has fallen. (although not in Boulder, Colorado)
- Interest rates are still attractive.
- They may qualify for the First Time Home Buyer Tax Credit, A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
- Overall improvements in the FHA Loan program
Refer to the First-Time home buyer tax credit, frequently asked questions.
While the average age for a first time home buyer is 30 with an average income of $60,000, many current sellers in the market have an median age of 47 and an income of $91,000.
Whether you are a first time home buyer, or a buyer, now is a good time to buy real estate. Let us help, we are a full service real estate team with many years of experience.
Another strong category of buyer in Honolulu are people that are renting.
Aloha,
Keahi