Should you be marketing to first-time home buyers in order to sell your Brooklyn real estate? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has a wealth of information on first-time home buyers and will help you figure out if you should market to this large and important group of buyers.
Here are the stats (courtesy of AgBeat.com) you need to know about first-time home buyers before selling your Brooklyn real estate:
- Long-term survey averages show that 4 out of 10 buyers are typically first-time buyers. This segment is critical to a housing recovery because they help existing home owners sell and make a trade.
- The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.
- The typical first-time buyer purchased a 1,570 square foot home costing $155,000.
- First-time buyers who financed their purchase used a variety of resources for the down payment: 79 percent tapped into savings; 26 percent received a gift from a friend or relative, typically from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund.
- Ninety-four percent of entry-level buyers chose a fixed-rate mortgage. Fifty-four percent of first-time buyers financed with a low down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.
What this Information Means to You
If you’re selling an existing, entry-level home, you’ll most likely be selling to a first-time home buyer with a median age of 31 and a median income of $62,400. First-time home buyers are most likely to get a fixed-rate, FHA mortgage. Gear your marketing toward that buyer to have more success.
If you’re ready to sell your Brooklyn real estate, whether it appeals to first-time buyers or other types of buyers, I’ll market it to get it sold quickly and for as much as possible. Give me a call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate for more information. at 718/253-9600 ext 206 or email me at [email protected]