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First Time Buyers

Did anyone else notice that a vast majority of first time home buyers disappeared after 2003? I personally noticed that many of them claimed that after 2003, they just couldn't afford housing here in NJ. I'm talking about those young people ages 23-29.

So, I guess what was on my mind quickly, was that the upside to this market correction, is that first-time buyers may actually have a screaming chance at getting a home this time around. I feel as though they are gering up for the fallen prices, and that this Spring may be slightly better than the past two years.

God, I can't wait for CNN to come out with that one report that says "Housing went up .5% this month"!

Posted by Christopher Hallmark on 11/22/2008 11:39 AM

Comments (7)

first time buyers, program, realtor, young people, market, real estate

7 Comments on First Time Buyers

NOV

2008

Christopher - we've had a few first time buyers writing offers in the past month...a good sign for sure. - Jim

NOV

2008

Thanks for posting Jim. Those 'steroid' markets really hurt the younger people and the market as a whole in the long run. I'm just trying to keep the glass half full, as there is a tradeoff with every situation.

Regards,

NOV

2008

Christopher,

Thanks for the post. Here in central new jersey we are seeing first time buyers as 50% of our business. The other 50% is made up of investors.

NOV

2008

Yes William,

my investors now are starting to become more liquid for down payments and such, but they are still active. Now they are looking at 10-15 properties rather than 5-8 properties, before making a decision. Rightfully so.

I'm very happy these first timers are starting to get a chance. It's sad to see so many people go in this business as well, but it's truly seperating the pretenders from those who have the eye of the tiger.

Christopher,

The problem I am having is that the investors most hold the properties 90 days per FHA, before reselling after repairs.

Christopher,

The problem I am having is that the investors most hold the properties 90 days per FHA, before reselling after repairs.

DEC

You know William,

that was the challenge I was looking to get around for awhile. I was trying to find a way to start the "title timetable" before the prop was actually purchased. There were some investors I had heard about in Florida that claimed they were getting around this issue with an "option contract", but I have never seen any verification that this was true.

I'll keep looking into it, but for now, Fannie, is the only one who doesn't have that seasoning rule.

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