First-Time Homebuyers: Unique, Sort Of
Buyers on their first go at homeownership are a product of their surroundings today—budgets burdened by college debt and mounting prices (and, now, rates), with the inability to save. With the barely-there headway in inventory, many are simply spinning their wheels.
“With the lower end of the housing market—smaller, moderately-priced homes—seeing the worst of the inventory shortage, first-time homebuyers who want to enter the market are having difficulty finding a home they can afford,” says Lawrence Yun, chief economist at the National Association of REALTORS® (NAR). “Homes were selling in a median of three weeks and multiple offers were a common occurrence, further pushing up home prices. These factors contributed to the low number of first-time buyers and the struggles of would-be buyers dreaming of joining the ranks of homeownership.”
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