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One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com.<\/p>\n
Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.<\/p>\n
\nRead more<\/strong>: 5 Savvy Negotiating Tips to Share with Buyers<\/span><\/p>\n<\/blockquote>\n
\u201cBlack homeowners were harmed in greater numbers by the housing<\/a> crash\u201d and the foreclosure<\/a> crisis, says Holden Lewis, a Bankrate.com mortgage<\/a> analyst. \u201cNow that the economy has improved and time has passed, maybe they\u2019re ready to jump back in and own a home again.\u201d<\/p>\n
Also, older millennials and Generation X \u2013 which encompasses the ages of 27 to 52 \u2013 are showing more willingness to either become homeowners or trade up to a new home, the survey showed.<\/p>\n
Young adults have mostly delayed homeownership. \u201cThey have been stymied by stagnant wages, student loans<\/a>, and a lack of available starter homes,\u201d Lewis says. \u201cIf enough affordable homes are put on the market, we might see a surge of first-time home buyers in their early to mid-30s.\u201d<\/p>\n
Lewis notes, however, what many people say is not always what they\u2019ll be able to do. Rising mortgage rates and an uptick in home prices could prevent some would-be homebuyers from saving enough for a down payment and limited inventories could delay their efforts in finding a suitable home to buy.<\/p>\n
About 6 million new and existing homes were sold last year, according to the National Association of REALTORS\u00ae and U.S. Census data.<\/p>\n
Source: \u201cKnow Your Competition: 1 in 4 Adults Is Planning to Buy a Home,\u201d realtor<\/a>.com\u00ae (Feb. 9, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n
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