First-time homebuyers are Flocking to the Real Estate Market
So why have they gone on a buying binge?
First-time buyers accounted for 46 percent of new mortgages (excluding refinancing) that Freddie Mac backed in the first quarter, excluding refinancing—that were issued in the first quarter of this year. That marks the largest quarterly share that Freddie Mac has recorded, dating back to 2012.
Meanwhile, the National Association of Realtors puts the median age of first-timers in the U.S. at 32.
“This is a millennial-driven rise,” Khater said in a phone interview. “You’ve got a strong economy that’s helping, along with the appetite of the financial market to invest in mortgages.”
In other words, Younger buyers may be motivated to buy due to the easing of credit in recent months as well as an improving job market. They also may be motivated to buy as rents rise and as increasing home prices and mortgage costs threaten to price them out of home ownership if they don’t act soon, Bloomberg reports.
The sheer size of the generation means a lot of mortgages, Freddie Mac Chief Economist Sam Khater said.
So while it’s a tricky time to be a young homebuyer, it might be a good one compared with next year.
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