First Time Home Buyers on The Rise
November 11th, 2008 Categories: Buyer's Corner, First Time Buyers, Trends
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