At a buy-in of $4-500K, is it really first time buyers?

Well, this whole discussion was started with a description of a
first-time buying couple submitting an offer that could max out
at $425K, so yes.

My friends that just had a house built sold their old house to a
first-time buying couple for a bit over $400K. (My friends bought
the house about 6 years ago (before prices skyrocketed) and signed
the build contract 2 weeks before Covid hit, so their timing worked
out perfectly. Bought low, built low, sold high.)

According to Experian, as of 2019 the average age of a first-time
homebuyer is 34. As in the case of my son and GF, a 34 YO could
be well established in their careers and, coupled with low interest
rates, can afford more of a house than perhaps you and I could -
especially because we probably bought our first house at a younger
age. I know I did.


Yepper. 1981 housing boom-time ; an hour from Greater Toronto ;
bidding wars and homes selling for more-than-ask .. a new thing.
16 1/2 % mortgage rates no mis-print
I, of course, signed a 1-year mortgage term - only to renew
at 18 % no mis print In that 12 months, the mortgage game
changed and I could sign for 3 months or variable. Some folks
took advice from a well known Sun newspaper columnist named Garth -
and took a longer term at 18 % ! - I went variable and renewed
less than 2 years later at 12 1/2.
.. the good ol' days. Eh.
John T.

ps: $ 67,000



I planted that honey locust.
It backed onto endless farm fields then - endless homes now :-(