First Time Home Buyer

The Top Traits of Today's First-Time Home Buyer

Last year first-time buyers made up 33 percent of all home buyers.1 Can learning what they did to make homeownership a reality help you do the same? This video breaks it down.

TRAIT 1: They're thorough

Most homebuyers start their search online and search for 10 weeks and view 10 homes before making an offer. Usually around three weeks into their search is when homebuyers contact a real estate agent.1

TRAIT 2: They're willing to compromise 

The median home size for first-time buyers is 1,600 square feet, and 2,000 square feet for repeat buyers. Both first-time buyers and repeat home buyers generally opt for homes with 3 bedrooms and 2 bathrooms.2

TRAIT 3: They're looking for expert guidance 

Eighty-seven percent of home buyers purchase their home through a real estate agent or broker.1 First-time buyers are more likely than repeat buyers to seek advice from real estate experts in terms of how much they can afford and also with help arranging financing.2

TRAIT 4: They're escaping the 20% myth

The traditional advice is that your down payment should be 20 percent of the home's purchase price. That said, seven percent is a typical down payment for many first-time buyers. And even those who aren’t first-timers are opting for closer to 16 percent down.2 While there are certainly benefits to a twenty percent down payment, it isn’t always realistic for many of today’s homebuyers. Plus, even if home buyers can swing a larger down payment, they may want to have cash on hand for other priorities, like paying off debt or bumping up emergency savings.

Ready for your dream home?

We can help. Talk with an expert to help guide you through the home buying process.

1 "Home Buyer and Seller Generational Trends Report 2019," April 2019, National Association of REALTORS ®

2 "Home Buyer and Seller Generational Trends Report 2018," October 2018, National Association of REALTORS ®

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