FIRST TIME HOMEBUYER PROFILE

Posted by DB Wilson on Wednesday, March 24th, 2010 at 4:47pm.

I ran across some interested statistics recently on first time homebuyers complied by the National Association of Realtors. In 2009, they comprised an unprecedented 47% of the market, probably due to the tax credit and record low interest rates. Economists predict that 2010 will be an even bigger year.  NAR surveyed more than 9,000 consumers who had recently completed a real estate transaction and this is what they found.

  •  49% of the first time homebuyers are married, with single females comprising a quarter of the group.  Single males accounted for only 12%.
     
  • They are a relatively young group, with more than half, 53%, being between the ages of 24 and 34, and 12% are younger than 24.
     
  • They are a diverse bunch with 22% being a member of a minority group. 6% speak a language other than English and 12% were not born in the U.S.
     
  • Though 22% purchase in urban areas, the suburbs continue to be the most popular with 52% buying in the ‘burbs. The next most popular area is the small town.
     
  • First time homebuyers take an average of 12 weeks to find their home, compared with 10 weeks for repeat buyers.
     
  • Foreclosures were popular as 11% of first-timers bought one. Only 9% of repeat buyers bought a foreclosure. About half considered it. 
     

Don’t forget the Clock is Ticking….as of today, you have only 37 days to be under contract by the April, 30, 2010 deadline, and closed by June 30, 2010 to take advantage of the tax credits.

Call us today at 303.449.7000 or 800.825.7000 or visit http://www.BoulderCO.com

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