Homebuyers Earned More, Skipped Foreclosures In 2008
Even as the number of foreclosed homes on the market spiked in 2008, only three percent of homebuyers purchased a foreclosed home during the year, according to the Massachusetts Association of Realtors.
The Waltham-based association released its 2008 Massachusetts Profile of Homebuyers, which found that 35 percent of homebuyers last year considered purchasing a foreclosed home, but either "could not find the right home," or found the process for buying a foreclosure too difficult.
The median age of a homebuyer in Massachusetts was 39 in 2008, unchanged from the prior year, while the median income of that buyer rose from $84,400 in 2007 to $88,100 last year.
The median age of first-time homebuyers was 31, down from 32 the prior year. First-time homebuyers had a median income of $80,600.
More than 90 percent of homebuyers and sellers reported using the internet as part of the transaction process, and 90 percent of buyers and sellers said they also hired a real estate agent to handle the transaction.
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