Are You an Average First-Time Buyer?
On June 2, 2011, in Uncategorized, by 
Average First Time Home Buyer
First time home buyers usually fit within a few statistics, and real estate agents and mortgage lenders have certain expectations from this crowd. The average first-time buyer is 32.2 years old, has spent 2.3 years saving up for a down-payment, and has looked at an average of 12 houses over 5 months before finding the house that they ultimately buy. The average first time buyer usually has a median income of $59,000 per year. This information tells real estate agents and lenders a lot about what you can afford, what you want to see and how your home-buying process will progress. Are you an average first-time buyer?
What This Tells Lenders and Real Estate Agents
Lenders and real estate agents usually have a specific perception of a first time buyer. Many first-time homeowners have the same questions and expectations when they approach the buying process. Real estate agents know you're likely to look at a few homes per month, and you'll likely look for several months because you're afraid of buying too quickly and "settling" on the wrong home. Lenders use your income information to pre-qualify you, and the perception is that first-time buyers usually qualify for lower mortgages.
Educate Yourself and Thwart Expectations
If you go into the home buying process educated, you can thwart expectations. If you've done research about homes in the area, you can have a reasonable expectation of what to buy and what you're looking for and you might find that the first home you look at is perfect. You won't be paralyzed by the fear of committing too early and will get the home you want. Additionally, if you educate yourself about your financing options, you may be able to qualify for a higher mortgage amount than many first-time buys can qualify for. Things like grants and government programs might make it easier for you to buy, and help you get into a bigger or more expensive home.
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