First-Time Home Buyers: Got any?

When Uncle Sam says, “Hey, first-time home buyers, I’ll reduce the cost of your first home by $8,000,” folks respond!

The NAR released its March Existing-Home Sales report this recently, and it paints a story that’s kinda grim, but still has some silver linings.

An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time home buyer tax credit became available. “Buyer traffic has been rising, and real estate offices are getting phone inquires about the tax credit,” Yun said. “By early summer we should be seeing a positive impact on home sales from record-low mortgage interest rates in addition to the stimulus provisions.” [emphasis added]

So, even before the $8,000 sweetener, first-time home buyers were seeing value in jumping into the market.  With interest rates steady to falling, and inventory levels remaining relatively high, this is great news as the summer buying season gears up!

The problem facing many Realtors® is how to find those first time home buyers.  Simple deduction, and NAR reporting, tells us that an overwhelming majority of folks utilize the internet, at some point, to find information about their next, or first home, purchase.

After the Jump, 4 Facts You Need to Know About Today’s Buyers

From the 2008 NAR Home Seller and Buyer Profiles report:

• The typical first-time home buyer was 30 years old;
• Forty-one percent of recent home buyers were first-time buyers;
• For one-third of home buyers, the first step in the home-buying process
  was looking online for properties;
• Eighty-seven percent of all home buyers and 94 percent of buyers aged 25
  to 44 years used the Internet to search for homes.

So, on average, the first-time home buyer is 30 years old, and has a 94% chance of utilizing the internet to find information about their purchase.

At theRockStarAgent.com, we’ve created a system that will teach you how to generate leads from the internet giving the consumers exactly what they are asking for…information. Check out our Automatic Lead Generation course and see how over a weekend, you could learn, set up and be receiving leads within hours of turning your lead generation system on.

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