Who is Buying Homes?

The median age of first-time buyers was 30 and the median income was $59,900.

The typical first-time buyer purchased a 1,540 square foot home costing $152,000,
with 93% using the first-time buyer tax credit.

56% of entry level buyers financed their purchase with an FHA loan,
while another 7% used the VA loan program.

42% said financing their first home was more difficult than expected
and 9% had been rejected by a lender.

Buyers searched a median of 12 weeks and viewed 12 homes.

The typical repeat buyer was 49 years old, earned $87,000 and
purchased a 2,000 square foot home costing $215,000.

Home buyers thought the most important services agents offer are
helping find the right house, negotiating sales terms and price.

First-time buyers plan to stay for 10 years.