A Home For the Holidays- First Time Home Buyers on the Rise

By
Real Estate Agent with Utah Homes 9334967-SA00

House in a Box by svilen mushkatov http://bigphoto1.blogspot.com/

Right now I'm seeing the same type of client in larger numbers:

This is the season of the First Time Home Buyer.

Much of the time, this is anecdotal information. By this, I mean to say, that sometimes the trends I notice can be unique to me as opposed to being experienced by real estate agents in other areas. However, I'm reading that I'm not alone in this trend.

MSNBC reports (from the 2008 Realtors Conference & Expo in Orlando) that first time home buyer market is on the rise.

"According to the survey, the number of first-time buyers rose to 41 percent from 39 percent of all transactions in 2007."

Here are the factors I contribute to this phenomena:

  • Prices are very low. In many cases, home ownership can be less expensive than rent.
  • The $7,500 tax credit is very enticing. Many buyers want to purchase before year end to increase their tax savings.
  • First timers don't have a home to sell.

If you, or anyone you know, are looking for a home in the Valley of the Sun (the Phoenix Arizona metro area) give me (Chuck Willman) a call at 480.292.0600. I'd love to show you what we have to offer.

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Photo Credit: House in a Box by Svilen Mushkatov

Comments (6)

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

I keep using the saying people have to live somewhere.  People still rather buy than rent.

Nov 11, 2008 05:17 AM
Rebecca Anne Cole
PNC Mortgage - Timonium, MD

I am personally working with several first time home buyers.  It is great to see first time home ownership on the rise.  Thanks for the post.   

Nov 11, 2008 06:10 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Chuck, While this market is very difficult on some, I'm sure these new homeowners are thrilled.  And in this area, right now, I believe you're right....right now buying is probably less expensive then renting. 

Nov 11, 2008 10:35 AM
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

John- Especially when rent costs more.

Rebecca- Isn't it great? I love working with first-timers... they tend to be the happiest clients and I can't help but catch their enthusiasm.

Carole- There is a general sense among the first timers that this may just be their opportunity... especially if they saw how unafordable homes were last year.

Nov 11, 2008 11:32 AM
Jason & Amber Gardner
Hasson Company, Realtors - Sherwood, OR
We're Committed to Your Success!

 

 

 

Enough said.

Nov 24, 2008 08:25 PM
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Nov 27, 2008 06:56 AM
#6
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Chuck:  Good observation! 

One of my lenders has a way of obtaining the tax credit monthly for the first time buyer.  On a loan of $130K, he can get $172 more monthly for the buyers, by having the buyer's employer retain that much less monthly from the buyer's salary (for taxes).  I don't yet know how this works, but it sounds great. 

Nov 28, 2008 06:25 AM