Hal's Mortgage Blog

A new study released by the National Association of Realtors says yes, unless you bought at the peak of the market and had to sell in a short time.

 
The average First Time Homebuyer keeps their home for 10 years. Even with the bad economy, sellers who bought 8 years ago experienced an equity gain of 24%. Those who bought 11 to 15 years ago had a 40% gain. Flipping by the way is virtually nonexistent today.

 
Here are some more interesting stats from this report regarding First Time Homebuyers:
• First Time Homebuyers made up 50% of the home sales
• The median purchaser price = $152,000
• 56% financed their purchase with an FHA loan
• Buyers searched a median time of 12 weeks and viewed 12 homes
• 89% of buyers surfed the internet searching for a home

 
For Sale By Owner transactions reached an all time low of 9%. Most people feel that the current market is just too challenging to go without professional help.

 
What’s been your experience? Let me know - good, bad or ugly.