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Joseph Hollak's Blog

By Joseph Hollak | Agent in Fresno, CA

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.

Please leave us a comment below and let us know that you stopped by. We would appreciate it.

Comments

By Timothy M. Garrity,  Thu Dec 2 2010, 09:48
So true. Great post, Joseph.

TG
By Joseph Hollak,  Thu Dec 2 2010, 10:02
Hey Timothy,

Thanks for the first comment.

Reading my post is appreciated. I will return the favor.

Joseph Hollak
By Jan Milstead,  Thu Dec 2 2010, 14:01
Nice Post - Certainly some great deals on the market today !
By Joseph Hollak,  Thu Dec 2 2010, 14:16
Thank you Jan for the kind words.

As an agent / broker and VIP on trulia, are you experiencing demand from first-time home buyers in your part of the country?

Joseph

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