If you need assistance, please call 352-480-5800

Guidance and Support Are Key When Buying Your First Home

Thursday, August 20, 2020   /   by The Villages Home Search

Guidance and Support Are Key When Buying Your First Home

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR):



“The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is now trending higher than the 29% to 32% average in past years since 2012.” (See graph below):



Guidance and Support Are Key When Buying Your First Home | Simplifying The Market


Why the rise in first-time homebuying?


NAR continues to say:



“The major factor is, arguably, low mortgage rates. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045. For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.”



Clearly, historically low mortgage rates are encouraging many to buy. With the average mortgage payment now estimated at a lower monthly cost than renting, it’s a great time for first-time homebuyers to enter the market. According to the Q2 2020 Housing Trends Report from the National Association of Homebuilders (NAHB):



“Eighty-four percent of Gen Z’s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X’s, and 21% of Boomers. Looking at results by region shows that over 60% of prospective buyers in the Northeast and South are buying a home for the first time. The share is above 55% in the Midwest and West.”



There are, however, challenges for first-time buyers. A recent survey conducted by NeighborWorks America also notes that understanding the homebuying process may be the most significant barrier for many hopeful homeowners:



“Homeownership is a particular challenge for many, despite high levels of interest. Americans believe there are many benefits to homeownership and half of non-owners will seek information about the process in the next few years…a large share of non-owners say the process is too challenging and only a minority know where to find advice if they wanted it. And although many would seek the guidance of community and non-profit programs, only one in three non-owners are aware of such services.”



Guidance and Support Are Key When Buying Your First Home | Simplifying The MarketIf you’re among the first-time homebuyers who feel the process is complicated, you’re not alone. If you’re not sure where to begin or you simply want help in figuring out how to save for a home, finding a trusted real estate advisor to work with is a critical step toward your success. A real estate professional can help you understand the process, review your current situation, and guide you with a plan to help you to feel confident when buying a home.


Bottom Line


If you’re interested in purchasing a home and need help getting started, let’s connect today so you can take advantage of the support available to guide you through each step of the way.




You might also enjoy reading...




#thevillagesmortgage #thevillagesfl #thevillagesflorida
Fidelity Home Group
352-480-5800
888-259-2257
NMLS ID 1834853
thevillages@fidelityhomegroup.com

Fidelity Home Group is a mortgage corporation and not in the business of selling real estate. The real estate listings are for informational purposes only. Real Estate Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. The listing broker shall not be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers’ personal, non-commercial use. All rights reserved. Closed (sold) listings may have been listed and/or sold by a real estate firm other than the firm(s) featured on this website. Closed data is not available until the sale of the property is recorded in the MLS. Home sale data is not an appraisal, CMA, competitive or comparative market analysis, or home valuation of any property.

Last updated October 20, 2020 Copyright © 2020

Fidelity Home Group participates in Equal Housing Opportunity
Fidelity Home Group Privacy Policy
Fidelity Home Group NMLS consumer access Page

CINC is committed to facilitating the accessibility and usability of all of its websites for all our customers, including people with disabilities. We strive to meet the standards of the World Wide Web Consortium’s Web Content Accessibility Guidelines 2.0 Level AA (WCAG 2.0 AA). That said, to date the Federal Trade Commission, the Federal Communications Commission, and the Department of Justice have not provided clear guidance as to what constitutes full ADA compliance with respect to website accessibility for disabled individuals. Our efforts in this area are ongoing as technology advances and federal guidelines are established.

This site powered by CINC: www.cincpro.com