Feels Like the First Time
First-time homebuyers make up roughly a third of the buyers who will hit the market this year, a number that is poised to grow.
In a recent survey, 88 percent of agents predicted that number will grow this year, according to the Mid-Atlantic Housing Market Survey from the MRIS, one of the nations largest multiple listing services. These buyers are a little different than the repeat buyers who dominate the market. They are a little younger and need to be a little thriftier than their home-owning counterparts. The median age of a first-time buyer is 31, while the median age of a repeat buyer is 53. First-time buyers make nearly $70,000, while repeat buyers pull in almost six figures, according to the National Association of REALTORS®. They also have a slightly different set of priorities that dictate their choices in real estate.
Whether you’re taking first-timers through the homebuying process or marketing a listing to them, here’s what they’re looking for.
Source: Metropolitan Regional Information Systems, Inc.
