Because of the current state of our economy many luxury home buyers may have been artificially sidelined. These would be move up buyers are fearfully waiting for the housing market to bottom. As with the stock market, it is hard to …

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a first-time home buyer is defined as someone who has not owned a primary residence in the three-year period ending on the date of purchasing the home. Married couples are considered first-time buyers if neither spouse has owned a residence in the previous three years.”