2015 Turnaround Time for First time buyers

2015 Turnaround Time for First time buyers

Is 2015 the Turnaround Year for First-Time Home Buyers?

 
 
 
 
The share of first-time home buyers has represented less than 30% of all buyers in 18 of the last 19 months, according to the National Association of Realtors.
 
Getty Images (2013)

First-time home buyers only made up 29% of sales of previously owned homes in October, the National Association of Realtors said Thursday.

The share of those buyers has represented less than 30% of all buyers in 18 of the last 19 months, the trade group said.

But chief economist Lawrence Yun said 2015 could mark a turnaround.

“First-time buyers in this year are essentially at their low point,” Mr. Yun said. “I do anticipate some growth going into next year.”

Factors that would encourage first-time buyers to enter the market are “developing positively” now, he added, pointing to stronger job creation, underwriting standards that have been “dialed down,” and the return of mortgage products that allow buyers to only put down 3% and pay mortgage insurance.

Related coverage:

Existing Home Sales Rise in October

Could Decline in Median New-Home Size Herald Return of Entry-Level Buyers?

Rental Apartment Construction Is at a 27-Year High

After Recession, Home-Remodeling Is Back On the Rise

U.S. Housing Starts Down 2.8% on Multifamily Drop

U.S. Home-Builder Confidence Rose in November

 

 

 


 

 

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