Although these days it can be a bit more challenging to purchase a new home, there are Palm Harbor homes for sale and first time homebuyers to buy them.
Those first time buyers are of all races, creeds, religions, ages and nationalities, but they all have some similarities in what makes them “typical.” A “typical” first time home buyer, according to the National Association of Home Builders, is an average age of 33 and the average household size is 2.7 people, some a couple, some single some small families.
Their average income is $64,000, and those incomes are the median for the area where the home is. That means that they have a typical income for the area where they live. About a third of them are married with children. Interestingly enough, about two thirds of first time buyers are white, 11 percent are African American and 15% are Hispanics.
First time buyers typically purchase homes in the $150,000 range, and those homes have an average square footage of about 1500 square feet, and those homes tend to be older homes. This is because most new homes average 2,000 square feet or more, leaving smaller, older homes that are lower in cost. Those homes also tend to be single family homes. Almost 79 percent are this type, while 22 percent are townhomes or condominiums.
So why are all of these “typical homebuyer” facts important? Because if you are doing anything in the market right now, you know that true starter homes for "typical first time homebuyers" are harder to come by than you think! There are some short sales out there, there are some in high insurance areas and there are foreclosures that have been stripped to the teeth, but that glut of first time homes has come and gone.
If you are looking for a starter home, you need to be really clear with what is important to you. You also need to be pre-approved for financing so that you can make a move if that perfect starter home comes on the market.
What if you are thinking of moving up to your second Palm Harbor home for sale? You lost some value on your starter home, BUT what you lost is probably in balance with your move-up home and you will come out ahead in the long run! For example, if you bought a house for $150,000 and lost 10% of the value, you are down $15K. Now consider your move-up home which may be in the $400K range. If they lost 10%, then they are down $40,000 and you get the difference of $25,000 in the process!!!
Neat huh? So, whether you are looking to sell or buy one of our Palm Harbor homes for sale, please, please, please make sure to get with a professional to make sure your transaction goes well! If you are looking for a great Palm Harbor realtor, please give me a call today!!! 727-366-0324