10 months ago
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Almost half of homes being bought today are going to people in that category.
The National Association of Realtors says these buyers are typically young people who are snapping up distressed homes being sold at bargain rates.
Thursday Latoya Davis took a second look at a Little Rock house she would love to make her home.
"What is there not to like about the house? The house is gorgeous," says Davis.
Davis is part of a growing number of young adults making the leap from renting to owning.
"I don't want to live in an apartment forever," explains Davis.
NAR estimates up to 45 percent of houses being bought are going to first time homebuyers.
Scott Deaton with EXIT Realty Deaton group says he finds the same is true in Central Arkansas.
"The younger generation now really see the benefit of owning a home. They know that it's the American Dream," says Deaton.
It's arguably the perfect real estate climate for first time buyers, with the $8,000 federal tax credit and more options because of higher inventory.
"You have interest rates at a 50 year low, so right now cost less to buy and own a home than it did last year or two years ago," explains Deaton.
Davis says with her wedding around the corner, now is the perfect time for her to buy and hopes the bank agrees.
"It will be a dream come true. It will be a really good great feeling," says Davis.
There is a bit of a downside to this good news for first time home buyers. Nationally the majority of first time sales are foreclosures, which realtors say drag down home prices.
