The National Association of Realtors (NAR) reports that only 33% of home purchases in 2014 were by 1st time home buyers. This is the lowest level in almost 30 years. The norm is about 40%.
Why? We know the answer. Higher home prices, tight lending and an unsteady job market are the “usual suspects”. NAR Chief Economist Lawrence Yun says their absence is slowing the overall recovery of the economy, and he expects home sales to fall this year for the first time since 2010.
This 7% spread ( 40%-33%) presents opportunity. If you have a house for sale, you may very well meet one of these 7% folks. You may like them. You may want to sell to them. If not, ask a local realtor ” who is the best 1st time home buyer you have met?” Let them see your house. Offer to carry the note. Work out solid terms that protect both of you. Help our recovery.
