WRE News August 24, 2023
Buyer
A new data report from Zillow (NASDAQ: Z, ZG) has determined that half of all homebuyers are purchasing their first home, the highest share that the company has recorded.
This 50% share is up from 45% in 2022 and 37% in 2021. Nearly half of first-time buyers are millennials (49%), while Gen Z adults account for nearly one-quarter (27%) of the property purchasers.
Zillow also determined that 60% of first-time buyers are tapping at least two sources to finance their down payment, most commonly their savings and gifts from family or friends. Zillow also pointed out that it now takes an average of nearly 12 years for a typical first-time buyer to save up for a down payment, compared to nine years prior to the pandemic.
“High mortgage rates and a shortage of inventory are keeping would-be repeat buyers in their current homes,” said Zillow senior population scientist Manny Garcia. “A greater relative share of first-time buyers is filling the gap, and they’re competing against each other for the limited number of affordable starter homes on the market.”
Stay up to date on the latest real estate trends.
Lifestyle
July 26, 2024
A trip to Paris wouldn’t be complete without indulging in France’s most iconic culinary delights, from buttery croissants to fine cheeses and wine.
Buyer
July 26, 2024
Two newly published data reports are offering very different views on the best markets for rental housing.
Buyer
July 25, 2024
When 51-year-old Pazit Aviv walks her dog in her Silver Spring, Md., neighborhood, it takes an extra 30 minutes as she inevitably gets lost in an impromptu chat with a… Read more
Buyer
July 25, 2024
If you’re in the market to buy a home, there’s some exciting news for you.
Lifestyle
July 24, 2024
The success of a food or drink business is predicated on many things—quality, flavor, price and market reach, to name a few—but in a world plagued by climate change, w… Read more
Buyer
July 24, 2024
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.
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