Dan and Traci & Consultants’ Blog

What are first time buyers doing?

The tax credit extension and expansion in November has fueled new discussion about home buyers and the housing market in 2010. Here’s a look at first-time buyers in 2009.

• The median age is 28, significantly down from where it was in 2005 at 32.
• Location or Neighborhood was the No. 1 “must-have” for 36% of buyers.
• 2 out of 3 sellers paid at least part of the buyer’s closing costs.
• 76% used their own savings for the down payment.  
• 1 in 4 had help from their family for the down payment.

As elevated levels of distressed properties are expected to continue for the next few years, here is a glimpse of buying a distressed property:

• 27% of foreclosures* were purchased by investors.
• 47% of  distressed* properties were purchased by first-time buyers.
• 89% of those first time buyers that purchased a distressed property were motivated by the $8,000 tax credit.
• 7 in 10 agents have seen an increase in multiple offers. 
• Approximately 3 out of 5 agents discuss the differences between buying distressed and traditional properties at the buyer consultation.

          * Distressed – Short Sale and REO, Foreclosure – REO Only

Last October some local Northern Virginia entrepreneurs began to organize a networking group for the purpose of passing qualified referrals to each other as a part of a BNI group.  Recently we chartered as BNI Positive Power and we meet on Wednesday from 7:30am to 9:30am at the Keller Williams Realty office at 6354 Walker Lane, Alexandria, Va 22310.

Our outcome for this is that we will have 40 EXTRAORDINARY people committed to helping each other build their business by participating in a group for the purpose of creating opportunities in a structured and professional environment.

The businesses that participate in this group are top rated; they are true professionals.

We have an incredible core of individuals and businesses that make up BNI Positive Power dedicated to assisting each other make money and grow their business.  Currently we have less than 40 people and are reviewing applications for new members.  If you have a business that you would like to grow and if you see the value of word of mouth referrals I invite you to visit us.  If you have questions please contact Dan at 703-346-2776 or Dan@GreetingsVirginia.com .