{"id":3869,"date":"2017-04-26T00:00:00","date_gmt":"2017-04-26T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/urgency-increases-for-first-time-buyers\/"},"modified":"2017-04-26T00:00:00","modified_gmt":"2017-04-26T00:00:00","slug":"urgency-increases-for-first-time-buyers","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/urgency-increases-for-first-time-buyers\/","title":{"rendered":"Urgency Increases for First-Time Buyers"},"content":{"rendered":"

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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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New buyers are gradually increasing their stake in the housing market. First-timers comprised 32 percent of … Urgency Increases for First-Time Buyers<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3870,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,1403,15239,625,12908,543,215,248,344,698,408,312,41,818],"class_list":["post-3869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-buy","tag-chase","tag-down-payment","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-housing","tag-insurance","tag-mortgage","tag-mortgages","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6838,"url":"https:\/\/amazingproperty.com.ng\/blog\/why-first-timers-cant-capitalize-on-ripe-market\/","url_meta":{"origin":3869,"position":0},"title":"Why First-Timers Can\u2019t Capitalize on Ripe Market","author":"Amazing Property","date":"October 30, 2017","format":false,"excerpt":"With steady job growth, mortgage rates near record lows, and escalating rental costs nationwide, the market is favorable for first-time home buyers\u2014yet their share of overall purchase activity this year is approaching a 36-year low, according to the National Association of REALTORS\u00ae\u2019 2017 Profile of Home Buyers and Sellers. First-time\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"2017 Hbs Infographic Buyers.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017%20HBS%20Infographic%20-%20Buyers.jpg?fit=744%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017%20HBS%20Infographic%20-%20Buyers.jpg?fit=744%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017%20HBS%20Infographic%20-%20Buyers.jpg?fit=744%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/2017%20HBS%20Infographic%20-%20Buyers.jpg?fit=744%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5460,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-dip-as-buyers-get-tripped-up\/","url_meta":{"origin":3869,"position":1},"title":"Home Sales Dip as Buyers Get \u2018Tripped Up\u2019","author":"Amazing Property","date":"July 24, 2017","format":false,"excerpt":"Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS\u00ae reported Monday. 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