This year is seeing home sales moving at what many insiders would categorize as a normal and healthy real estate market. Some of the big players scooping up homes for sale in Oviedo and elsewhere are first time homebuyers. According to the National Association of REALTORS® (NAR), most real estate firms can count approximately 32 percent of their clientele as first time homebuyers who are the most active in buying homes for sale in Oviedo, Orlando, and other places across the state of Florida.
So who are these first-timers entering the housing market? Knowing what they are looking for and what makes them tick is key for any realtors want to make the most of this interested group that may be looking at homes for sale in Oviedo.
Typical First Time Homebuyers
Back in the 1990s, DINKs became a popular term to identify a newly rising subgroup of consumers that businesses were targeting. These Dual Incomes with No Kids (DINKs) eventually divorced or created a family and their buying objectives shifted. Well, a new generation of DINKs has emerged.
Today, DINKs are part of the millennial generation. They are changing the face of the real estate market, including homes for sale in Oviedo. NAR reports that the majority of first time homebuyers are millennials. The numbers place 70 percent of first time homebuyers falling into this generational group with their average age coming in at 31. The combined income for most of these buyers is estimated to be about $77,500.
Homes, Pricing, and Financing for First Time Homebuyers
NAR’s numbers find that the median price of single family homes bought by these newcomers is $170,000, which approximately 95 percent of the purchase price financed.
Real estate experts suggest that Oviedo real estate professionals direct these buyers to helpful financing options, such as the state’s housing authority where loans and grants for first time homebuyers may be available.
Other financial programs that may help these types of buyers include:
FHA: The Federal Housing Administration guarantees a portion of home loans and some borrowers may be able to secure a loan for as little as 3.5 percent down.
VA: Anyone that has served in the armed forces may qualify for a home loan with the U.S. Department of Veteran’s Affairs. The process can be slow but, if approved, can be one of the most financially beneficial for the homebuyer.
USDA: If you’ve got homebuyers interested in rural living than they may qualify for a home loan under the United States Department of Agriculture.
Reaching Millennial First Time Homebuyers
Homes for sale in Oviedo will attract the attention of first time homebuyers but how do you get them to find you?
Younger homebuyers are online shoppers. First and foremost, you will need to get your name, listings, and information on the web in placing they frequent.
Social media, such as Facebook, Instagram, and Pinterest are just a few platforms that you may want to spend developing and advertising on. Be sure to have your own business website up and looking its best. That is where these buyers will feel the most comfortable checking you and your listings out.
Another interesting fact is that most millennials prefer communicating through emails or text messages versus a phone call. So place your email address and phone number on all your materials and be ready to respond to their requests online.
