Thursday, September 23, 2010

Today's First-Time Home Buyers

In today's market, more than 50% of buyers are first-time home buyers.  That's an amazing statistic considering where we've been and where we're headed (meaning the economy).  But, given the recent tax credit program and the all time lows in interest rates, who can blame them?

An independent study of over 2000 first-time homebuyers recently shed some light on this group of buyers.  Take a look:

  • The median age is 28 years old...down from 32 just four years ago.
  • The median home size is about 1600 square feet
  • Location or neighborhood was the #1 "must have" for 36% of first-time home buyers
  • 66% of sellers paid at least some of the buyer's closing costs
  • 76% used their own savings for the down payment
  • 25% had help from their family for the down payment
Having worked with several first-time home buyers, I can say that these statistics are pretty close to what I have seen in the area.  If you are looking to buy your first home...or second...give Pickett Property Group a call.  We'd love to help!

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