First-Time Home Buyers
Current real estate trends show that property sales are on the rise, and many first-time home buyers are actively looking for that perfect house to call home. Interest rates remain at an all-time low, and new buyers are taking advantage of them in record numbers.
According to real estate market studies and trends, overall sales are up at least two percent since 2013. Real estate statistics also show that 30 percent of those sales belong to first-time home buyers who are eager to get into a place they can call their own. With the help of appealing low interest rates and tax incentives, many first-time homes buyers have decided to take the plunge and dive into the real estate market while conditions are favorable.
Since home sales have risen over the last several years, inventory of homes for sale has declined slightly. First-time home buyers have fewer homes on the market to choose from, and home sale prices have become very competitive to get the business. This has created a competitive real estate market for both buyers and sellers who are anxious to make a move. However, real estate market trends show that over 30 percent of homes sold in the last three months were on the market less than 30 days, and another 40 percent sold in less than 60 days. Even with competitive prices and low inventory, homes are still selling with a very fast turn-around time.
What Are First-time Buyers Looking For?
Layout – First-time home buyers tend to prefer more open floor plans that allow easy movement from room to room. Open kitchens and family rooms top the list of layout requirements. Bedrooms that offer comfort and privacy are next on the list.
Size – Market studies show that over 60 percent of first-time home buyers are paying close attention to the square footage of a home. Many first-time buyers are hoping to start a family, so house size is an important factor for future growth, as well as resale value down the line.
Neighborhood – For first-time buyers, the neighborhood has a big impact on buying a home. needs. Younger buyers are looking for homes in neighborhoods that are close to their jobs, have good schools, and offer entertainment, restaurants and activities within a close proximity.
Price – Many first-time home buyers are younger, 25-35 years old. They don’t typically have accumulated wealth, so a large down payment is difficult. First-time buyers rely heavily on lenders for financing options that can help them get into a home within their smaller budgets.
If you need information and help with your real estate and property needs, Infotrack title insurance is a valuable resource for your property.