Real Estate
Research About First-Time Home Buyers
March 28, 2010 by Librado Wright · 1 Comment
Since the tax credit was originated I have had the opportunity to work with many great first-time home buyers in Chester County and the surrounding areas. What I have learned about these property virgins is that they all are very similar.
Here is what I have learned about working with First-Time home buyers that will probably surprise anyone.
Most Are Married. Most of the first-time home buyers are married (49 percent). Single females comprise a quarter of the first-time home buyers, and single males account for just 12 percent.
They’re Young. More than half, 53 percent, are between the ages of 23 and 34. About 12 percent are younger than 23 years of age.
They’re Diverse. About 22 percent are from a minority group, compared with 13 percent of repeat buyers. Less than 10 percent speaks a language other than English. And 12 percent were not born in the United States.
They Like The Suburbs. Surprisingly 52 percent of first-time home buyers purchase in the suburbs, with only 22 percent going into the urban areas. The third most spot is a small town.
They Take Their Time. Now this was surprising to know but almost every first-time home buyer had or has the patience it takes to find the right home. They take on average 12 weeks to find their dream home, compared to 10 weeks for repeat buyers.
They’re Not Afraid Of Foreclosures. Eleven percent of first-time home buyers bought a foreclosure home. Surprisingly also many home buyers consider foreclosures before anything else.
They’re Most Likely To Use A Referral. About half of the buyers found their agent through a referral compared to 36 percent who sought the services of their previous agent.
With about a month left before the tax credit expires, all first-time home buyers who are on the fence about purchasing a home should consider all the money they will be leaving on the table if they don’t . It can be nerve racking to make such a purchase but with so many great deals and such a large incentive sitting their for the picking, you should definitely take advantage of this opportunity.
If you need help finding a home in Chester County or surrounding areas please call or email me at your earliest convenience. Time is running out so don’t miss out!
It is not surprising to see that buyers are preferring suburbs over urban areas.The reasons are quite obvious i.e property in suburban areas are much cheaper than a property in urban center and secondly people are looking for quite place to live instead of buzzing and hectic city .