If you're thinking you just read something here about first time buyers, you are not losing your mind. With the $8,000 tax credit ticking away, this is a hot topic. We tend to think that anyone who can read knows about the credit, but for some people, the information was filed away in a mental circular file - until they needed it! Now they need it, and here we are - THE SOURCE on how to proceed.
Let's be real. Who are these new buyers? Unless they had a home more than three years ago & took a break from homeowning, or unless they rented until they retired, the new buyers are young. I'm talking primarily about Generations X and Y, the newest wave of first-time home buyers now reaching the age where they are looking seriously at real estate. Gen X was born between 1965 and 1977 and Generation Y was born between 1978 and 1994 (in fact, it's the first generation to grow up with the internet). Too young, you say? Hogwash. In fact, they're the second-largest generation in the housing market - second only to Baby Boomers. And a 2008 survey from Century 21 shows they're buying homes at a younger age than previous groups of buyers. They rarely leave home without their web-enabled cell phones and iPods, and they typically love social networking sites and any technology that lets them connect to the world, news and their family and friends. Generations X and Y are where fortunes of the next 20 years lie.
If we as agents want a piece of that fortune - well earned, of course, we will need to learn to play on a level playing field.
Commitment: I will set my mind to learning the rules of this new group of buyers.
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