Many buyers entered the housing market for the first time in 2023. But who were these first-timers, and what did their homebuying experience look like?
The post Opendoor: A portrait of first-time homebuyers in 2023 appeared first on Atlanta Agent Magazine.
Around 70% of new homebuyers will be Hispanic by 2040, according to projections from the Urban Institute. Based on the 2020 Census data, Hispanics are the quickest growing demographic in the U.S. However, with rising interest rates and escalating home prices, affordability issues are appearing for young Hispanic homebuyers.
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First-timers made up 45% of buyers in 2022 and 37% in 2021.
The post Half of all buyers are first-timers in 2023 appeared first on Atlanta Agent Magazine.
Of survey respondents who made a wedding registry in the past two years, 85% said they would have preferred to receive money they could have used towards a down payment, mortgage payment or other associated homebuying costs.
The post Modern newlyweds wish they’d registered for a down payment appeared first on Atlanta Agent Magazine.
How are Atlanta real estate professionals finding and working with first-time homebuyers?
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Price hikes are slowing down and inventory is up — generally — but less expensive homes are bucking larger market trends. According to Zillow, the price of bottom-tier homes increased 8% year over year, while bottom-tier inventory increased just 1%.
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First-time homebuyers now make up 45% of current homebuyers, according to Zillow. The numbers represent a rebound from the lows of the pandemic.
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With fewer people putting their homes on the market, prices continue to skyrocket.
The post Housing prices top last summer’s highs, hit new record appeared first on Atlanta Agent Magazine.
The partnership will help potential homeowners find down-payment assistance programs to make homeownership more attainable, especially for first-time buyers.
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The Low-Income First Time Homebuyers Act (LIFT) establishes a program to sponsor 20-year mortgages that would build equity at twice the rate of a conventional 30-year mortgage.
The post Democratic senators propose 20-year mortgage for low-income, first-time homebuyers appeared first on Atlanta Agent Magazine.