Bring on the stats. Okay, why should you care about first time home owners in the housing market? It's because they make up 36% to 50% of the market.
Needless to say, this is a significant chunk of the market. Why is this important? If you are thinking of selling your home, you should consider targeting first time home owners. To target first time home owners, it helps to better understand them.
As we can see, 59% are in between of 25 to 34 years old. Of the first time home owners, the median age of married couples is 31 years old while unmarried couples is 28. Now, more important than the ages of these first time homeowners, for those considering selling their home, is what can these buyers afford? How much money do they make?
The median first time homeowner, making $67,400 can roughly afford a $168,500 house. While the median married couple first time home owner, making $75,105 can afford roughly $187,762.5.
In conclusion, when putting your house on the market, it's important to take into account the buyers. This is where a real estate agent comes into play. A good agent will take into account what has been sold in the area and what demographics are buying.
Source: 2013 NAR Profile of Home Buyers and Seller