What do you look like?

According to the National Association of Realtors (NAR) 2006 Profile of Home Buyers and Sellers, the typical first time home buyer was between the ages of 25 and 34, and 49% were married couples.   The median income was $58,300, up 1.9% from the previous year.

Over the most recent survey period, the median price paid by first-time buyers was $165,000, and the typical home size was 1,516 square feet.  It took you 8 weeks of searching and you visited an average of 8 homes before finding the home that you purchased.  84% of you used a real estate agent, and 83% found the internet useful in their search.

While nearly all buyers use a mortgage to finance their home, the amount of that mortgage relative to the purchase prices varies considerably.  45% of you financed 100% of your loan, while 73% of those who put a down payment down, used their savings.  Today, there  are a number of different types of mortgages available to home buyers.  The most defining characteristic for most of these mortgages is whether or not the interest rate is fixed for the life of the loan, whether it is fixed only for some initial period of the loan or whether it varies from the start. Among recent first time buyers, 67 percent reported that they had obtained a fixed-rate mortgage.

In my experience as a Realtor the best advice I can give is to pick your Realtor and your Banker first. Both should be someone you can trust and that you know will be honest with you regardless of the consequences. I always recommend working with a local Banker so you have the option of walking in to their branch office and can shake their hand in person  (or choke their neck).

The Fort Smith, AR housing market continues to be steady although recent reports show a slight drop in number od Sebastian County Sales while the average price per home conmtinues to climb. Compared to the state and the country, Fort Smith, AR is a great place to call home. Visit www.kingrealtygroup.net for all the currently available homes and commercial properties.

Kevin and Elizabeth King