First-time homebuyers taking advantage of depressed market

The past six months has seen an influx of first-time homebuyers entering the market, looking for a place where they can stay for a while, the New York Post reported. “Overall, my first-time buyers are very interested in the fact that they can buy a two-bedroom for about $1 million,” said Karin Posvar-Picket, a broker with the Corcoran Group. But there are also plenty of other first-time buyers with lower budgets. “Interest rates are so low, it’s ridiculous,” said Corcoran’s Jennifer Marrero, who signed a contract for a 710-square-foot, one-bedroom penthouse co-op at Embelesar in East Harlem this week for $422,260. The biggest question for the first-time buyer is whether the market has reached bottom, though most believe it will experience a comeback, the Post said. First-time homebuyers were also spurred to buy thanks to the federal homebuyers tax credit and its extension. [Post]