Home >> Tag Archives: First-Time Homebuyers (page 9)

Tag Archives: First-Time Homebuyers

Generation Wait it Out

As of the end of the fourth quarter of 2013, the homeownership rate among those under 25 was 36.8 percent, according to the Census Bureau—only a little more than half the national rate of 65.2 percent. Compare that to as recently as 2008, when the rate among young adults was at or above 41 percent. Generation Y remains, as ever, a difficult group to nail down.

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Texas, Florida Metros Top List of Prime First-Time Buyer Markets

Realtor.com released Thursday its list of the top markets for first-time homebuyers for the spring and summer seasons. To compile the list, analysts compared cities across five categories that have the biggest impact on buyers new to the market: list price affordability, time on market, employment rates, supply of inventory (and thus chances of competition), and—as the mantra goes—location, location, location.

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Existing-Home Sales Weaken Further Amid Tough Conditions

According to the National Association of Realtor’s sales data, total existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—declined 0.4 percent last month to a seasonally adjusted annual rate of 4.60 million, matching a consensus forecast among economists surveyed by Bloomberg. Following January’s decline, February took the new record for having the slowest sales pace since July 2012.

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Interest in Homeownership Drives Optimism Among Millennials

According to the latest Home Index Survey released by PulteGroup, Inc., out of more than 1,000 consumers surveyed in February, a combined 74 percent feel the economy is either better off or the same as it was this time last year. Among respondents in Generation Y, more than half (54 percent) said the economy is in better shape now. What’s more 74 percent said now is a good or excellent time to buy the things they want or need—including homes.

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More First-Time Buyers Ready to Enter Market in 2014

In 19 of 20 large metros surveyed by Zillow and Pulsenomics, more than 5.0 percent of local residents indicated they wanted to buy a home in the next year, with current renters showing the greatest interest in ownership. While this optimistic total from Zillow suggests interest is high, actually purchasing a home should prove to be a challenge in the upcoming year.

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Young Buyers Step Up Market Presence Despite Challenges

According to the National Association of Realtors' Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.

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Home Finance Balances Up for Third Straight Month

Outstanding home finance balances increased for the third straight month in January, signaling what might be the start of a long-term resurgence in borrowing, Equifax reported in its most recent National Consumer Credit Trends release. “American consumers have shed more than $1.5 trillion in mortgage debt since the start of the financial crisis and only now seem interested in investing in housing again,” said Amy Crews Cutts, chief economist.

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As Student Debt Rises, Would-Be Homeowners Forced to Choose

In a February survey of nearly 2,000 homebuyers, Redfin found that 16 percent of first-timers (who made up about half of the total survey group) have been held back from purchasing in the past by student loan debts. Out of all homebuyers surveyed, one-third said student debt had led them to put off purchasing for one to two years, while slightly less than that said they had to delay for four years or more.

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Declining Affordability: Shock or Not?

Yes, affordability (as measured by the National Association of Realtors' Housing Affordability Index) is down as much as 22 percent from its January 2013 peak, but is still far higher than it was in the early 2000s, says CoreLogic chief economist Mark Fleming in the company's February MarketPulse report. Moreover, Fleming notes the problem of "unaffordable housing" is one that only really exists for first-time homebuyers.

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Investors Dial Up Market Presence in November

Having fallen to 16.6 percent in August, investor share in the purchase market picked up to 18.8 percent (based on a three-month rolling average), according to the latest survey. Investors increased their purchases of non-distressed properties; although, they remained the biggest purchasers of distressed properties. HousingPulse reports investors contributed to 13.2 percent of non-distressed home sales in November, marking a seven-month high.

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