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First-time Buyers Make Up Record Share of Buyers: NAR

First-time homebuyers accounted for half of all home sales from July 2009 through June 2010, according to a National Association of Realtors survey of buyers and sellers.  My personal experience mimics this with several buyers this year for homes in Prescott and Prescott Valley.

That's the highest share of first-time-buyer purchases in the history of the survey, which dates back to 1981. First-time buyers responding to the survey made up 47 percent of sales in 2009.

The 2010 NAR Profile of Home Buyers and Sellers, based on 8,449 responses to a survey sent to homebuyers and sellers nationwide whose transactions took place between July 2009 and June 2010, according to county records.

The vast majority of first-timers (93 percent) participating in the survey, and almost three-quarters of all buyers (71 percent) responding to the survey participated in a federal homebuyer tax credit program.

I expect this trend to continue as rents are often above comparable mortgage payments, especially in Prescott Valley, but deals can be found in Prescott as well.