Home > Blogs > Alison Moss > Alison Moss's (alisonmoss) Blog

First Time Home Buyers Profile

By Alison Moss

Real Estate Agent with Keller Williams Seven Hills

December 29, 2008 02:29 AM

I have had the pleasure of working with a number of first time home buyers over the years and after reading the National Association of Realtors report on first time home buyers, I have to agree that the first time home buyers I am seeing these days are a bit different than in years past.

The NAR report states that the median age of these buyers is up to 31, from 30 in 2007 and they are putting twice as much money down (4% vs 2%) compared to 2007. Even more promising is that the first time buyers are making up more the buying population in 2008 (41%) compared to (39%) in 2007.

For the Cincinnati Real Estate market recovery that is a very good thing. Every first time home buyer helps absorb homes from the current inventory, without adding their house into the mix. This increase in first time buyers and the apparent slowing of the foreclosure crisis could be leading indicators that our local market may stabilizing in the year to come.

Re-Blog

Comments(8)

Comment

Show All Comments

Sort:

Cindy Leiterman

Resource One Realty, LLC - Green Bay, WI

Green Bay, WI

The first time home buyers that I have worked with recently have also had substantial down payments, as much as 10%. It's a nice change.

Take care.

Dec 29, 2008 02:37 AM

Kevin Vitali

EXIT Realty Beatrice Associates - Middleton, MA

Helping Massachusetts Home Buyers and Home Sellers

Interesting stats... Anything in particuliar you do to attract first time home buyers?

Dec 29, 2008 02:38 AM

Pat Champion

John Roberts Realty - Eustis, FL

Call the "CHAMPION" for all your real estate needs

Hopefully you are right in your predictions. You are right many of them are able to come to the table with more money down.

Dec 29, 2008 02:40 AM

Steven Wright

Home Real Estate - Aurora, CO

CRS - Home Real Estate - 720-989-5283

I am happy to hear that you have people who are able to put money down and buy. Great news.

Dec 29, 2008 02:48 AM

Todd Hueffed

Champions Real Estate Services - Everett, WA

I love working with first time homebuyers as its so rewarding to hand over keys to brand new homeowners......however these last couple years and I am not sure why I have not worked with that many......2009 I will try to change that

Dec 29, 2008 03:05 AM

Joan Snodgrass

Midamerica Referral Network - Kimberling City, MO

Good point you make about reducing the inventory by buyer's not needing to sell anything. I live and work in a somewhat rural retirement/lake area, so do not see too many first home buyers. There are not many jobs to sustain them living here.

Dec 29, 2008 03:17 AM

Robert Lei

Century 21 (SUNNYVALE, CA) - (408) 893-2410 - Sunnyvale, CA

Sunnyvale Cupertino Santa Clara, Palo Alto Mountain View Saratoga Campbell

Maybe it's a regional thing, but out here in northern California Bay Area, lenders (and sellers and listing agents) generally like to see 20% down payment nowadays.

Dec 29, 2008 04:26 AM

Update: Now 30% down payment is getting to be the preferred standard for conventional loans around here in the California Bay Area.

Nov 30, 2009 08:39 PM

Comments(8)

Alison Moss

Recent Posts