First-time home buyers have long been an important part of the housing market. And that hasn’t changed today. According to the 2012 Profile of Home Buyers and Sellers from the National Association of Realtors, first-time buyers accounted for 39 percent of all housing sales from July 2011 through June 2012.

"First-time buyers are my primary market at this time," said Laurie Christofano, with Re/Max in the Village, Realtors, in Oak Park. "There has been a new excitement among first-time buyers during the last year. They see that we are at the bottom as far as housing prices go. They understand just how low interest rates are. And they have gotten the message that homeownership in the long-term is a really good thing as far as being able to provide stability for their families, build up equity and fashion a long-term plan for their lives."

Jeff Donnellan, with Re/Max Vision 212 in Chicago, says that he advises first-time buyers to skip the starter-home mentality and instead purchase a larger home within their budget that they can grow into as their needs change.