First time homebuyers…come on down!

According to a recent survey done by the National Association of REALTORS® the percentage of first time home buyers rose in 2008 to 41%, up from 39% in 2007 and 36% in 2006.

The median age of the first time home buyer went down from 31 in 2007 to 30 in 2008.  With the median down payment up to 4% in 2008 from 2% in 2007.  The average price of the home purchased was $165,000.

In fact, this survey has gotten some national attention, imagine that, from the Wall Street Journal.  Which states that

“The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines — often watching wistfully as their friends became homeowners — are suddenly in a position to grab some great deals.”

What does all of this mean?

It means that with a large inventory of homes under $165,000 in the Phoenix area, and approx. 33% of the in city population, according to Wikipedia, is between the age of 25-44, the largest demographic.  There is great opportunity for first time home Buyers to become first time home Owners.

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