Categories: Cross River NY

Here’s what the typical #homebuyer and #seller look like | Cross River Real Estate

This is the third year in a row that the share of first-time buyers declined, staying at the lowest point in nearly three decades, according to an annual survey released by the National Association of Realtors.

Instead of first-time buyers, the overall strengthening pace of home sales over the past year was driven more by repeat buyers with dual incomes.

In this year’s survey, the share of first-time buyers declined to 32%å (33% a year ago), which is the second-lowest share since the survey’s inception (1981) and the lowest since 1987 (30%). Historically, the long-term average shows that nearly 40% of primary purchases are from first-time homebuyers.

Lawrence Yun, NAR chief economist, said the housing recovery’s missing link continues to be the absence of first-time buyers.

“There are several reasons why there should be more first-time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college-educated, and the fact that renting is becoming more unaffordable in many areas,” said Yun.

He attributed the drop in first-time buyers to several reasons.

“Unfortunately, there are just as many high hurdles slowing first-time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing-homes in their price range, and it’s still too difficult for some to get a mortgage,” Yun said.

This infographic shows what the typical homebuyer and home seller look like.

Click to enlarge

(Source: National Association of Realtors)

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Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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