According to a recent survey done by the National Association of REALTORS® the percentage of first time home buyers rose in 2008 to 41%, up from 39% in 2007 and 36% in 2006.
The median age of the first time home buyer went down from 31 in 2007 to 30 in 2008. With the median down payment up to 4% in 2008 from 2% in 2007. The average price of the home purchased was $165,000.
In fact, this survey has gotten some national attention, imagine that, from the Wall Street Journal. Which states that
“The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines — often watching wistfully as their friends became homeowners — are suddenly in a position to grab some great deals.”
What does all of this mean?
It means that with a large inventory of homes under $165,000 in the Phoenix area, and approx. 33% of the in city population, according to Wikipedia, is between the age of 25-44, the largest demographic. There is great opportunity for first time home Buyers to become first time home Owners.