Just what in the world is a “Boomerang Buyer”? I wondered the same thing until I recently read an article provided by the Pennsylvania Association of Realtors.
“Boomerang Buyers” are those who previously allowed their home to fall into foreclosure but are ready to re-enter the housing market. Nearly 80% of consumers who lost their homes during the financial crisis are interested in buying again and 41% say their income say their income is higher than when they first purchased the property. The “Boomerang Buyers” say their debt obligations have lessened and that they are willing to invest more into the purchase of a new property than they were in the past – – over 50% indicating that they would make a down payment of 10% or more as part of their next home purchase.