A survey of agents in the HouseHunt network shows that first-time home buyers accounted for 65 percent of all buyers, up from 46 percent in the first quarter of 2008.
HouseHunt CEO Michael Bearden said he believed the trend would continue for the remainder of the year. Typically, first-time buyers account for about 40 percent of the market.
“Our latest national survey tells us that qualified first-time buyers are taking advantage of home prices not seen in five to seven years in many areas,” he said. “Affordability is no longer a major issue in many areas across the country – especially in those metro areas where prices spiked dramatically between 2003 and 2006.”
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Jolenta Averill, Principal
Lake & City Homes Realty