Demand From First-Time Buyers Is Strong: Study
March 27, 2009 by Elad Bushari · Leave a Comment
A new survey by Move.com finds that pent-up housing demand may be increasing, especially among first-time homebuyers. The study finds that 23 percent of adults plan to purchase a home in the next five years; more than half of them (53.5 percent) are first-time homebuyers.
Among first-time homebuyers who plan to make a purchase this year, 18.1 percent say they are doing so to take advantage of the $8,000 first-time homebuyer tax credit recently enacted by Congress as part of the economic stimulus package.
The survey also finds that 52 percent of Americans are concerned that they or someone they know will lose their home to foreclosure in the next six to 12 months. More than one-fourth of adults said they or someone they know may default on their mortgage due to a job loss (27.1 percent), future unemployment (29.2 percent) or because they owe more on their home than it’s worth (25.6 percent). Also, 18.9 percent of homeowners say they plan to take advantage of the government’s new foreclosure-prevention program.
We definately see a strong demand in the Cambridge Real Estate market; threre are a lot of first time home buyers looking around and properties under $500K are selling fast.
the Broker of Bushari Group Real Estate, a boutique luxury real estate firm specializing in the metro Boston area, Cambridge and Brookline. Elad believes in superb customer service and strives to exceed expectations at every opportunity. Elad was one of the top 30 brokers in the nation under 30 years old (Realtor Magazine, June 2009) and one of the top 25 Real Estate Agents in the metro Boston area in 2008 (according to MLS PIN). In his free time, Elad enjoys snowboarding, scuba diving and is an avid world traveler. Elad can be reached at (617) 529-7079.
