The Massachusetts Realtors Association recently released a study that included statistics collected on home sales in 2016. The study found that the share of first-time home buyers in Massachusetts dropped to a record low in 2016 - primarily due to home prices and low inventory creating competition amongst the first time buyers.
Across Massachusetts, 35 percent of all homebuyers were first-time buyers in 2016. The previous year in Massachusetts, 41 percent of all buyers were first-time home buyers.
So are you preparing to be a first time home buyer? Living in Massachusetts with prices on the high end of the national averages makes that first-time purchase a bit more of a hurdle than in other areas of the country. Two and three bedroom starter homes are in short supply.
We developed the following infographic with the key results specific to first time home buyers to help you see how you measure up and what can be expected during one of the largest purchases of your life.
Working with a good Realtor can help you evaluate your options, prepare for the process, and find the home of your dreams. Ready to get started? Give us a call today and we can get started before the Spring market gets into full swing!