“All of us are first time home buyers so I guess we’re the ones who are driving the market.”

Who has been buying? This from noreason at RE Talks on Thu Oct 29, 2009 8:35 am -

“I’m an accountant but have moved into the finance side of things. I’ve been following the [message boards] since about May [2009] when deciding whether to jump into the RE market or not. I can give some feedback on the 400-550k market range, ie high end condos or houses out in the valley. I know personally 4 couples who have purchased + me and my spouse. We’re all in our late 20’s and all have combined gross incomes over 100k. All of us are first time home buyers so I guess we’re the ones who are driving the market. I can’t speak for them, but the reason why we bought was because interest rates are at a historical low and prices dropped a little. But the most important was we just felt we needed to get on with our lives in a new place. Renting before just didn’t feel right, we couldn’t make improvements to the place without feeling that you were wasting money. I have no doubt that interest rates will rise in the near future and we plan to use the max monthly overpayments and get that principal down in the next 5 years.”

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