Nearly half the homes sold in March – 48.2 percent – were purchased by first-time buyers, according to a survey of more than 1,500 real estate practitioners by Campbell/Inside Mortgage Finance.
I think this is resulting in slightly higher home prices for certain properties. My experience with buyers is that they will choose those homes without a distress situation ie. short sale, foreclosure, auction...and actually pay a little bit more to save themselves from the aggravation and delays...interesting to think about.
"Many observers had felt that the pool of first time home buyers had been depleted last fall," Thomas Popik, research director for Campbell Surveys, said in a statement. "Instead, the normal spring-summer buying season is combining with the tax credit to produce blow-out results for first-time home buyers."
Source: Reuters news (04/19/2010)
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