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.