The facts continue to show that first-time home buyers are getting more active in the national and local real estate market. The National Association of Realtors reports that 51% of purchases in November were first-time buyers. Remember, the definition of a first-time home buyer is ”a buyer who has not owned a primary residence in the last three years.”
Here in metro Atlanta, the story is similar. SmartNumbers reports that 43% of local buyers in November were first-time buyers. Their data shows that first-time buyers were 37% of the market prior to 2003. In 2003, we saw that new home prices began escalating and essentially started pricing these buyers out of the market. Now that prices have dropped, these buyers are able to afford properties that were previously unrealistic for them. In the 3rd quarter of 2009, we saw first-time buyers return to historically normal levels. Of course, the $8,000 Tax Credit and low mortgage rates are also driving this behavior. In November, we saw the numbers jump to 43% and would expect that momentum to continue to the spring market.
Atlanta 1st Time Buyers Return To Market!
One of the biggest obstacles for many first-time home buyers is the fear of losing their job. They know that there are fabulous properties available, low mortgage rates and tax incentives. But they are worried about losing their job and then losing their new home. Prudential Georgia Realty is pleased to offer Job Loss Protection which provides a “nest egg” of $10,800 to cover 6 monthly payments of $1,800 in the event of an involumtary job loss. Conatct your local Prudential Georgia Realty agent for details – and get started now! These low rates and exceptional properties will not be there forever. The clock is ticking on the $8,000 Tax Credit which expires on April 30th 2010. See our video channel for details of the Job Loss Protection program, Tax Credits plus other local real estate news – at www.AtlantaRealEstateChannel.com.