Most Homes Sold To First-Time Buyers
More than half of all homes purchased in the Bay State in 2009 were bought by first-time homebuyers, up 5 percent from 2008, according to a new study by the Massachusetts Association of Realtors.
The 2009 Massachusetts Profile of Home Buyers & Sellers also found that despite declining fuel costs in 2009, commuting costs were still considered either very or somewhat important by more than 80 percent of buyers.
About 10 percent of buyers purchased foreclosed homes, up from 7 percent the previous year. The median income of buyers was $94,800 compared to $88,100 a year earlier.
First-time homebuyers had a median income of $84,600 compared to $61,600 the year before.
About 90 percent of buyers financed the purchase of their homes.
The median age of home sellers was 44 years old, they had a median income of $113,500 and had owned their homes for an average of eight years.
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