For the bulk of 2019, affordability issues and an overall lack of inventory have made purchasing a home challenging—particularly for first-time buyers.
But it looks like the market is starting to shift.
According to Genworth Mortgage Insurance’s recent First-Time Homebuyer Market Report, first-time buyers made up 39 percent of all buyers in the single-family market, with 591,000 homes being sold to first-time buyers in Q3 2019. While that represents a modest year-over-year increase (1 percent), it’s a much larger (and more promising) increase when compared to Q1 2019, when only 401,000 homes were sold to first-time buyers.
What does this mean for you? If you’ve been struggling to purchase your first home, you should definitely consider this good news. Due to a variety of improving factors, more first-time buyers are successfully finding and buying homes—so get out there and find the home that’s right for you!
Want to find the home of your dreams?
A Home Buyers Guide
For the ones who do their homework!
Keri L. Bateman, Broker
The Progeny Team of Benchmark Realty, LLC
And also get it at the best price possible? Then download your free copy of this guide: A Home Buyers Guide
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