First-time buyers say "Now is the time to buy"

More than 80 percent of first-time homebuyers believe now is a good time to buy a home, according to a First-Time Homebuyers and Sellers Survey. More than 80 percent of first-time homebuyers and sellers feel the current housing market is more affordable today than this time last year, despite the fact that 40 percent of all respondents are more worried about the economy compared to this time last year.

Key Findings:

• First-time homebuyers anticipate home prices will soon begin to rise and in fact, about half of first-time buyers (48 percent) expect an increase by this time next year, thereby reestablishing the balance between buyers and sellers.
• 60 percent of first-time homebuyers don't feel they have a good handle on the real estate process.
• Given the complexity and opportunity of today's real estate market, 85 percent of both first-time buyers and sellers feel that using a real estate professional is important. The top three skills valued in realtors by both buyers and sellers are knowledge of the area, trustworthiness and responsiveness. 
• The majority of the survey respondents have moved or intend to move more than 10 miles but less than 50 miles from their previous location, indicating current market conditions may be a catalyst for buying or selling homes, as opposed to a desire to dramatically change geographic location or relocate for a job.
• First-time homebuyers rated the three most influential factors in their decision to enter the market and buy a home as current housing prices (66 percent), followed closely by both the homebuyer tax credit (63 percent) and low interest rates (60 percent).
• The top two factors influencing the first-timers' decision to sell their homes were personal/family reasons and current housing prices - both of which were cited as motivating factors by 48 percent of first-time sellers.
• Approximately half of all first-time homebuyers (48 percent) and sellers (53 percent) anticipate housing prices will increase over the next year.