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First Time Homebuyers Account For Nearly One Third Of All Home Sales In 2016 Lets Increase This Amou
First-time home buyers accounted for 32% of residential sales in 2016 according to REALTORS. Sustained job growth and improving incomes along with the aging of the Millennial generation are likely underpinning the continued, albeit modest, increase in homebuying by first-time buyers.
Low mortgage rates have also bolstered homebuying, although the increase in interest rates since November appears to have affected demand in some areas, according to survey respondents. Mortgage rates are likely to continue to rise modestly in 2017.
The share of first-time homebuyers increased in states such as Arizona, California, Florida, and North Carolina in 2016 compared to the rates in 2015. The share of first-time homebuyers has also increased in Arizona, Florida, and New York since 2012, the first year of solid growth since the recession of 2008-2009.
Buyers 34 years old and under, who are likely to be first-time buyers, accounted for 30 percent of residential buyers in December 2016, (29 percent in November 2016; 27 percent in December 2015). The share of buyers 34 and under has been on a gradual uptrend from the 26 percent share in July 2013 when this information started to be collected in the survey.
Homebuyers who were renting prior to their recent home purchase accounted for 39 percent of sales in December 2016 (40 percent in November 2016; 38 percent in December 2015). The fraction of buyers who were renting prior to their recent home purchase has increased from the 36 percent share in November 2014 when this information started to be collected in the survey.
So please, lets try and increase the percentage of first-time home buyers even more and start building your own equity instead of someone else's. If you ever have any questions about the market or real estate in general I am always available!
Denver CO Homes for Sale – Wan Lim, Associate Broker/ Realtor
Your local realtor serving Cherry Creek, Centennial, Denver and the
surrounding communities. Purchasing a home is not easy, but it can be
with me! I will work tirelessly with investors, buyers and sellers to
save you time and money but most importantly to get you into the
home of your dreams! Call Wan Lim anytime at (303) 910-0818
My name is Wan, I am passionate and driven to help everyone I can in buying and selling real estate. Just a little bit about me, I graduated Colorado State University with a degree in Hospitality Mana....
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