WRE News April 5, 2024
Buyer
First-time buyers made up half of all homebuyers in 2023, according to the latest Consumer Housing Trends Report published by Zillow (NASDAQ:Z, ZG). Last year’s figure represented the highest share in the report’s six-year history and is up from a low of 37% in 2021.
Zillow also published its ranking of the Top 10 markets for first-time home buyers in 2024. The list cited St. Louis, Detroit, Minneapolis, Indianapolis, Austin, Pittsburgh, San Antonio, Birmingham, Kansas City and Baltimore on its list. Zillow determined its ranking based on rent affordability, the share of for-sale listings a typical household can comfortably afford, the competition for affordable listings, and how many similar-age households live in the area.
“Affording a home is a tough hill to climb, and it’s especially steep for those buying their first home. Headwinds like mortgage rates, low inventory and rising rents are still strong, but easing,” said Zillow Senior Economist Orphe Divounguy. “Attractive homes are moving fast, so those looking to buy this spring should get their finances in order now, including getting pre-approved for a home loan. The increase in new listings this spring, due both to new construction and to more homeowners choosing to sell, will give buyers more options and help to ease price growth. The housing train is slowing down just enough to give more first-time buyers an opportunity to hop on board.”
Stay up to date on the latest real estate trends.
October 17, 2024
The city of Fargo, ND, found fame through the Oscar-winning movie and subsequent TV series it inspired.
October 17, 2024
Do you have an idea what your food print is?
October 17, 2024
Did you know?
October 16, 2024
For the last decade, the pet industry has grown consistently.
October 16, 2024
Precision nutrition is about better tailoring diets and dietary recommendations to different people because one size certainly does not fit all, as I’ve written previo… Read more
October 16, 2024
For some buyers, there’s a misconception that newly built homes aren’t made to last or fall short of the quality you can find in older homes.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today