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Survey Says "Now Is A Good Time To Buy"

By
Real Estate Agent with Gina McKinley Group LLC

Despite the current concern of the economy, 78% of potential first-time home buyers say that now is a great time to buy a home.

In early March, Century 21 hosted a survey for potential first-time home buyers. Of the 1,000 prospective U.S. first-time home buyers surveyed, 68%  think now is a better time to buy rather than 6 months ago.

Record breaking low prices are the driving motivation for first-time home buyers with more than 80% first-time home buyers (85 percent) saying they consider current home prices affordable and 73% citing that taking advantage of current prices is an extensive factor in their decision to purchase.

Interestingly enough, potential first-time home buyers are still split between making a move now (42%) and waiting for the prices to fall even more (48%).

With all of the incentives, such as the First-Time Homebuyers Tax Credit, the opportunities for first-time home buyers to get into the market are astounding. Also, the pricing and rates are attractive to those buyers as well.

Among the survey's other key findings:

  • Bargains in the marketplace are providing additional options for buyers to consider. 56% of potential first-time home buyers are looking at purchasing a foreclosed or short sale home, while 63% are open to purchasing a home in need of fixing up.
  • When asked to rate the features that they look for when choosing a home, 87% said the price is the primary consideration, furthermore stating the price is "very important," followed closely by neighborhood safety (80%) and the condition of the home (71%).
  • A large concern of those potential first-time home buyers are having enough money for a down payment. Nearly 46% said they are "very worried" about this issue.
  • Most first-time home buyers (86%) are in the market for single family residences.

Call Gina McKinley Today To Take Care Of Your "First-Time Home Buying" Needs At (480) 600-1129! As A Certified Distressed Property Expert, You Can Rest Assured Gina Will Take Great Care Of You!

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Comments (1)

Jackie DeShazer
Montana Country Real Estate - Libby, MT

Gina great information thanks for sharing! I am a little surprised that first time home owners are so split especially with the 8,000 buyer credit interesting.

Mar 31, 2009 09:43 AM