First Time Home Buyer Playbook
First Time Home Buyer
The Opportunity is
First time home buyers are a consistent segment of the real estate buyer market that is expected to grow over the next few years.
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First time home buyers account for
34% of all home buyers.
Historically, 40% of all home buyers are first time buyers and with Millennials being next largest generation, after Baby Boomers, we are starting to see more first time home buyers enter the real estate market.
Average age of first time home buyer
33 YEARS OLD
Millennials are currently
24-42 YEARS OLD
Born between 1980 - 1998
Renters want to buy.
Rent is Increasing
Median asking rent has steady been increasing since 1988 is expected to increase substantially over the next year.
Lock in Housing Cost
Homeownership allows first time home buyers to lock in your housing cost with a fixed rate mortgage.
Desire to Own
65% of first time home buyers were motivated to buy a home purely out of the desire to own a home of their own.
Greater Net Worth
Homeowners have a greater opportunity to grow their net worth through principal reduction and home appreciation.
Source: Federal Reserve
Now is the time.
Whether we are in a seller’s market, buyer’s market or a balanced market there are always first time home buyers anxious to buy a home and achieve the American dream of homeownership.