Wayne is back on the Lake 94.7
Wayne Turner, Owner, and Broker of Turner Real Estate with 20 years experience is back. What's the topic of the day? First Time Homebuyers. Wayne relays that typically 41-42% of the real estate market yearly is made up of first-time homebuyers. Right now though, that number is down dramatically. Now the number is closer to 32%.
Wayne expresses that when a first-time homebuyer buys a home it affects the market because, of the following scenario. When a first-time homebuyer purchases a home, it allows that homeowner to typically upgrade, and the effect dominos from there.
So what does this mean? There were 5.1 million homes sold last year, with 41-42% of that market being first time buyers. This year, however, fist time homeowners made up roughly 32% of that market. With the rates as low as they are, Wayne is encouraging home buyers to get back into the market.
Wayne also relays for sellers under the $400,000 price range, we still have a sellers market, especially on the North Shore including Mandeville, Covington, Slidell, Abita Springs, Lacombe, Folsom, Slidell, Pearl River, Hammond, and Ponchatoula. Most homes in that price range are selling in less than 3 months for 98% of list value.