Look who's buying homes
YOUR GUIDE TO THE INS & OUTS OF FINDING A GOOD DEAL
Have you ever stopped to think who is buying homes in this economy? With the current state of the economy and unemployment where it is, so many families losing their homes, who could possibly be buying real estate?
The answer might surprise you.
The numbers aren't out yet for 2010 for obvious reasons, but in 2009, 47% of all bank-owned home purchasers and 52% of all short sale purchasers were between 18 and 35 years old.
This age group is primarily first-time home buyers that have not had their credit scores shattered by a short sale or foreclosure. The younger buyers are coming into this depressed home market and picking up property at discounted prices, usually from the older generation that bought at the market's high.
REAL ESTATE DISCOUNTS TO BE FOUND
According to a Keller Williams Realty study, the average "distressed property" sold for 20% below the current market value. First time home buyers have a huge inventory to choose from and the averages show that it's all on sale.
WHY ARE THEY BUYING HOMES
We've covered the fact that housing is on sale, and we've stated who is buying into this market. Can you guess why their buying?
Of those surveyed, 40% stated their main reason for buying into this market was a desire to "stop paying rent."
The distressed property market we have before us has definitely lowered the barriers to entry for some buyers that were forced to rent a few years ago.
HOW DO YOU BECOME A BUYER?
The particulars associated with buying a bank-owned property or a short sale are special and unique. Find a real estate professional that is skilled and committed to solid advice and great client service to help you through the process.
The opportunities are out there.
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