First Time Buyers Continue to Fuel the Recovery

All around the country first time buyers are taking advantage of low interest rates and low prices as they recognize that in many cases, its cheaper to own than to rent.

Between July 2009 and June 2010 first time buyers dominated the market, roughly half of all sales were first timers. Nation wide 90% of these buyers took advantage of the Federal Tax Credit for first time home buyers. Here in NYC the prices of apartments are too high for the Tax Credit to have had much impact.

But, the price of rental properties have gotten so expensive due to a lack of inventory that buying has become a very viable option. Many parents that are nervous about the volatility of the Stock Market have pulled some of their money out to buy apartments for their children.
They gain a solid asset, a tax right off and avoid the ups and downs of Wall Street...a win/win for everyone.