Written By: Karen Deis
It’s that time of year again—the National Association of Realtors® 2009 Survey of Home Buyers and Home Sellers has just been released!
While it contains a wealth of information and stats about home buyers, seller, FSBOs, 2nd homes (you name it), this article extracts what you need to know about First Time Home Buyers—who have accounted for almost half of all the homes purchased in 2009.
We have highlighted some of the stats below. We have also interpreted the “who, what, where and how” you could use this info to develop a marketing plan, generate first time buyer leads and save a ton of money in the process—because all of the research has been done for you.
We believe that you will find even MORE first-timers entering the real estate market in the next year or two and you are missing a huge chunk of the market if you don’t have a game plan to attract FTHB.
You will also find a shortened version of this info in the Realtor Newsletter/Email- Jan/Feb 2009 in this issue!
By the way, watch for the next issue and our report on “Repeat Homebuyers”.
- First-Time Home Buyers Made up 47% of All Home Purchases
While the number of FTHBs has increased 6% over last year, regionally, the Northeast has increased the most with 48% (or almost ½ of all business being sold to FTHB); 48% Midwest; 45% South; 51% West. Five out of every 10 buyers fit into this category—they need more handholding and the way you interact with them will be different than your repeat clients.
- Living Arrangements Prior to Buying Their First Home
78% of FTHB lived in apartment complexes or rented a home or condo prior to purchasing. This has increased 3% over 2008. 19% lived with parents prior to purchasing. The bottom line is that you might want to concentrate your marketing to apartment complexes or combing your database for clients whose children might be buying a home in the future—and asking for their referrals.
Written By: Karen Deis
