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New buyers are gradually increasing their stake in the housing<\/a> market. First-timers comprised 32 percent of existing-home sales in March, up from 30 percent a year ago and 29 percent in 2014.<\/p>\n\n The looming threat of interest rate increases may be prompting more buyers to enter the market this year. But also, sustained job and income growth is playing a role, according to last month’s\u00a0REALTORS\u00ae Confidence Index.\u00a0The aging of the millennial generation may also be modestly increasing buying behavior; the report notes that first-time buyers are most likely to be between the ages of 25 and 34.<\/p>\n\n \u201cREALTORS\u00ae in most markets are saying interest from first-timers is up this year, but competition is stiff for listings<\/a> in their price range,\u201d says William E. Brown, president of the National Association of REALTORS\u00ae.<\/p>\n\n The good news is\u00a0those who do find a home in their price range aren\u2019t having to bring their life savings to the closing table. Sixty-three percent of first-time buyers put down anywhere from zero to 6 percent to secure a mortgage<\/a>. In opening the credit box, the Federal Housing Administration has reduced its annual mortgage insurance<\/a> premiums and the government-sponsored enterprises\u2014Fannie Mae and Freddie Mac\u2014now accept mortgages with 3 percent down.<\/p>\n\n That said, the report notes that the impact of these measures in attracting first-timers\u00a0is modest due to a general lack of knowledge about the opportunities available. Only 13 percent of those aged 34 years or younger believe they can purchase a home with a down payment of 5 percent or less, according to NAR\u2019s 2016 Third Quarter Housing Opportunities and Market Experience (HOME) Survey.<\/p>\n\n \u2014Melissa Dittmann Tracey, REALTOR\u00ae Magazine<\/em><\/p>\n<\/div>\n \n \n<\/pre>\n\n<\/div>\n\n\n
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