Monday, October 4, 2010

First time buyers

Real Estate Outlook: First Time Buyers Size Down - The latest NAR report shows that existing home sales were up 7.6% during the month of August. The National Association of Home Builders (NAHB) shows that there is a growing segment of first-timers looking for smaller and less expensive new homes. And at 8.4 millions buyers, first-timers are a large market segment. Bob Jones, chairman of NAHB says, "Builders are increasingly gearing their homes to the needs of first-time buyers, and we expect the trend to continue in the period ahead as the economy begins generating more jobs and more people in their 20's form households. This demographic of first-time buyers are, on average, buying homes with 1,874 square feet, though a whopping 46% are buying homes smaller than 1,500 square feet. Read full article: