Tuesday, June 3, 2008

First Time Buyers Now Account for 50% of the Market

Excellent Opportunities for Sales and Referrals

The most recently released survey for the first quarter of 2008 indicates that first time homebuyers now account for nearly 50% of all U.S. home sales, up from 36% in 2007.

Several factors have contributed to the increased sales activity for first time homebuyers.

Over the last several years, many first time home buyers were priced out of the market which has caused a three year pent up demand. Accelerating prices have kept buyers on the sidelines. Affordably has returned to many markets which has encouraged first time homebuyers to re-enter the market and purchase.

Seller’s incentives and lower prices have contributed in creating additional value for the buyers to buy now.

The benefit in working with first time home buyers is they are either renting or living at home and they do not have to sell in order to purchase.

During this time many have either started families or had an increase in family size and want to buy now.

First time buyers are taking advantage of both FHA and VA mortgage programs which are more flexible than conventional financing. Don’t overlook the veterans who qualify for a 100% financing.

Patience and attention to buyers needs are a must with first time homebuyers.

Your patience will be rewarded with referrals and the satisfaction of helping someone full fill the American dream of homeownership.

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