06/02/2024
First Time Homebuyers are Double!
Higher for longer interest rates, rising home prices, and what feels like no "good" inventory has made buying a home for anyone tough, especially first time home buyers with no departing primary equity to lean on. Despite challenges, these fighters made a notable jump in the first quarter of the 2024. Maxwell data shows the first-time home buyer loan share grew by 13% year-over-year and 18% quarter-over-quarter, with loan counts rising twice as fast as the overall market in Q1. The first-time home buyer share is now at its highest level seen in any quarter since Maxwell started tracking this data hitting 27.53% of mortgaged purchases.
First time homebuyers are determined to get into homeownership with 25-34 year-olds making up 46% of the first time homebuyers. Over half (57%) were unmarried and almost 40% were female!
FEELING overwhelmed, scared or confused? Let's have a strategy session! We can discuss down payment assistance programs, budgets, buydown options, and all the ways your earnest money is protected.
Don't let today's higher rates be the obstacle. Homeownership is a catalyst for building wealth for people from all walks of life. In 2019, homeowners in the U.S. had a median net worth of $255,000, while renters had a net worth of just $6,300 (CBNC). That's a difference of 40x between the two.
Let's help you BUILD A PATH TO HOMEOWNERSHIP.
P.S. Denver rents were up 0.8% in May.
Let's talk!
(Data courtesy of Nicole Ruth)