12 November 2008There has been a rise in the number of first-time buyers purchasing
property in the USA, according to a study by the National Association of Realtors.
The survey, released at the 2008 Realtors Conference & Expo, says the number of first-time buyers appreciated to 41% from 39% of all transactions in 2007.
"First-time buyers are much more flexible in entering the market because they aren't concerned about selling an existing home," said Lawrence Yun, the association's chief economist.
Yun credited the the increase to falling US property prices, greater supply and affordable interest rates. Moving forward, he expects the volume of first-time home buyers to grow further because of a temporary first-time buyer tax credit and improvements to the federal loan programme.
"It's been an optimal time for entry-level buyers with a long-term view," Yun said.
According to the study, the average age of first-time buyers was 30, down from 31 in 2007.
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