Sep 24, 2010

Who's Buying Houses? First-Timers!

Here's a trend arrow that's pointing upward: The percentage of home buyers who are entering the market for the first time has gone up, from around 35% between 2003 and 2007 to 41% between 2007 and 2009.

Apparently the homebuying public knows a bargain when it sees one! The stats may also be an indicator that, even as serious doubts have been raised about the value of a home as an investment, buyers are remembering that, when all's said and done, a home is a place to live, where you can settle in for the long term without worry about your landlord's plans for the place. If you love it, and can afford it, getting obsessed about how much you could sell it for is an unnecessary exercise.

For more reportage on studies of first-time buyers, see the article, "First-timers grow to 41% of homebuyers," in "Lansner on Real Estate," by the Orange County Register.  And for help buying that first home, check out one of our bestsellers: Nolo's Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder, and Marcia Stewart.