What first-time homebuyers mean to the real estate industry? Well for starters, they are for lack of a better term, the bottom of the food chain, the circle of life. First-time homebuyers mean EVERYTHING to the real estate industry. Without the first-time homebuyer, real estate would cease to exist. The circle of real estate begins with the first-time homebuyer!!
A first-time homebuyer is a buyer who buys their very first home. Many first time homebuyers eventually become move up buyers (and first time home sellers) then eventually downsize depending on their needs. Move up buyers often seek a home which is either larger than their first home or may have a different layout which further suits their needs or change in lifestyle. Empty nesters typically downsize when the kids have grown and moved out and the now the family home is too big for them.
The pattern or cycle that recreates itself more times than once, is the circle of life for real estate. It begins and end with the first-time homebuyer. The first-time homebuyer's original house a/k/a the "starter house" will be sold to another first-time homebuyer, who will then become a move up buyer then an empty nester and the circle of real estate begins with the first-time homebuyer.................
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