First-time buyers are helping today's market gain ground. First-time buyers account for approximately 45% of today's distressed and fixer-upper homes. These distressed and fixer-upper homes are being sold at "bargain" prices - around 20% less than traditional homes (according to the NAR®).
First-time home buyers are a critical piece of the puzzle and will ultimately help our economy by buying up some of the excess inventory of homes. Additionally, as these first-time buyers purchase homes, the sellers can move-up, allowing another piece of the puzzle to start to move - reducing inventory at the mid-to-upper level, as well.
The $8,000 first-time homebuyer tax credit, plentiful inventory, relatively low prices, and more - are all combining forces re-energizing the real estate market, which will in turn begin to re-energize the US & global economies.
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