Metro Milwaukee First Time Home Buyers are an important market to watch

January 3, 2008

First time home buyers accounted for 40% of homes purchased in 2007 in the Metro Milwaukee area.  65% of those first time home buyers were between the ages of 25 and 34.  Their income is higher than the national average, too.  $61,300 vs $58,600.  With interest rates at a low level and plenty of property to choose from it will be interesting to see the results for 2008 (yes, I know it is only January 3rd and we have a long way to go!)

Most first time home buyers take this first purchase extra seriously, and well they should.  It is a lot different than renting but much better monitarily for the new homeowner’s pocketbook. I remember being told what I could afford after talking with a loan officer way back when as a single female purchaser with a pretty small income…"You say I can afford that?? That is $500 more than I pay in rent right now! I don’t think so."  So I bought cautiously, with a monthly payment I felt comfortable with, not maxed out to where the little unexpected things became really troublesome.  It enabled me to live my life the way I was used to, and become a homeowner as well.

First time home buyers are also unencombered with the "offer to purchase contingent on existing home selling" problem.  There is little to hold you back. I hope first time buyer out there take the leap soon and wish you luck!  Let us know if we can recommend a first time home buyer specialist. There is a mortgage calculator on each and every property on  Check it out and see how the numbers sound to you!

Source of statistics: 2007 Profile of Home Buyers & Sellers, Milwaukee Wisconsin, from NAR

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