First time buyers are the primary road to recovery in this residential real estate market. 40% of market activity comes from first-time buyers and then the trickle occurs. They traditionally purchase starter homes or lower priced homes allowing those sellers to move on to buy the other home on the market freeing them up to buy another home etc etc.
The trickle effect is incredible.
And now the effect the stimulus grant of $8000 is being seen in my local real estate circle.
Buyers are seasonally of course coming out but I am seeing many new first time buyers coming into the game and loaded with knowledge and wisdom more than I've ever seen.
I am so glad this is happening in our local markets and I look forward to reaching the point in this correction where more than just first time buyers become more educated about their options and enter in the best investment one can make...real estate.
My 401K is down over 50% and my real estate investments (my primary investments) are slightly down, flat and up in this down market. I am confident in my original purchases (except one which I recently sold) and feel good about where we are heading.
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