Home prices have fallen dramatically and are now starting to stabilize.
That, combined with tax incentives offered to first-time homebuyers, is persuading more buyers to get off the fence. Sales are increasing in most markets across the country.
The median sales price in the area was $141,100, up from $135,200 in April but down 20 percent from $176,100 in May 2008, according to the most recent data from the Florida Association of Realtors.
So, who are these buyers? And what do they want? A survey on homebuyer sentiment released by Zillow .com sheds some light.
Here are some of the interesting revelations:
•First-time buyers and those buying to invest make up 41 percent of those in the market to purchase a home.
This varies by region, and experts say this number is higher in states such as Florida, which has a large supply of distressed properties and has seen prices plummet.
•Most buyers want a bigger home. Fifty-five percent of buyers said the No. 1 reason they're in the market now is because they want or need a larger home to accommodate a growing family.
•Many of those looking to buy now say they haven't been able to afford a home previously. Forty-four percent of respondents said they had waited for prices to fall and want to take advantage of them before they go back up.
•Surprisingly, only 5 percent of the buyers said they want to downsize to a smaller home. This may not be a good sign for the buyers looking to move up because they need to sell their current home first.
•About 17 percent of buyers said they want to purchase a distressed or foreclosed property.
•Nearly one-third, or 30 percent, of buyers plan to own the next home they buy for five or fewer years. Thirty-six percent of buyers plan to stay in their home 16 years or more.
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