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First Time Buyers #2
People who are selling their homes should know something about the market group from which their buyers are likely to appear. Many homes are perfect for a first-time buyer. First-time home buyers are usually younger (usually between 25 and 34 years of age) and have distinct buying patterns. First-timers often have to settle for homes that are smaller, and perhaps older, than repeat buyers. The median home size for first-timers is about 1450 square feet, for repeat buyers around 1900 square feet. Approximately four in ten first-timers will buy homes built before 1960, compared to two in ten repeat buyers.

First-time buyers haven't developed a strong a sense of what they want in a house, and they may not have enough money to get exactly what they want at first. Seventy-four percent say they like their new home better than their previous residence. Two-thirds (67%) of repeat buyers say they their like their new home better, probably because they are upgrading.

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