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Repeat buyers are more prevalent than first time buyers, and are supporting the housing recovery according to the National Association of REALTORS®, as reported by Bloomberg on August 11, 2013.
Repeat home buyers accounted for 54 percent of existing-home sales in June, up from 49 percent just one year prior, while, first-time buyers — who usually account for 40 percent of the market share — shrank to 29 percent in June 2013. A lack of lower-priced homes and strict lending requirements are edging more first-time buyers out of the market.
Rising home prices are increasing household wealth and pushing more home owners to sell, either to trade up for bigger properties or to use the greater equity in their homes to put down a larger down payment for a comparable home.
“The economy looks to be on a sounder footing, home prices are rising, and expectations are that they’ll continue to increase,” Michelle Meyer, a senior economist at Bank of America in New York. “Not only would they be able to sell their current property, but also in terms of purchasing their larger home, they’ll feel that their homes will appreciate with time.”
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