{"id":6059,"date":"2020-07-28T10:00:27","date_gmt":"2020-07-28T10:00:27","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6059"},"modified":"2020-08-05T12:35:38","modified_gmt":"2020-08-05T12:35:38","slug":"guidance-and-support-are-key-when-buying-your-first-home","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6059","title":{"rendered":"Guidance and Support Are Key When Buying Your First Home"},"content":{"rendered":"
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In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that\u2019s been building steadily throughout the year. According to the National Association of Realtors <\/em>(NAR<\/a>):<\/span><\/p>\n

\u201cThe share of first-time buyers increased in March through June\u2014right into the heart of the pandemic period and the surge in unemployment\u2014and is now trending higher than the 29% to 32% average in past years since 2012.\u201d (See graph below):<\/em><\/p><\/blockquote>\n

\"Guidance<\/a><\/p>\n

Why the rise in first-time homebuying?<\/strong><\/h4>\n

NAR continues to say:<\/p>\n

\u201cThe major factor is, arguably, low mortgage rates<\/strong>. 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.<\/strong> 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.\u201d<\/em><\/p><\/blockquote>\n

Clearly, historically low mortgage rates<\/a> are encouraging many to buy. With the average mortgage payment now estimated at a lower monthly cost than renting, it\u2019s a great time for first-time homebuyers to enter the market. According to the Q2 2020 Housing Trends Report<\/em><\/a> from the National Association of Homebuilders<\/em> (NAHB):<\/p>\n

\u201cEighty-four percent of Gen Z\u2019s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X\u2019s, 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.\u201d<\/em><\/p><\/blockquote>\n

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

\u201cHomeownership 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\u2026a large share of non-owners say the process is too challenging<\/strong> 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.\u201d<\/em><\/p><\/blockquote>\n

\"Guidance<\/a>If you\u2019re among the first-time homebuyers who feel the process<\/a> is complicated, you\u2019re not alone. If you\u2019re 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<\/a> to work with is a critical step<\/a> 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.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re interested in purchasing a home and need help getting started, let\u2019s connect today so you can take advantage of the support available to guide you through each step of the way.<\/p>\n

Content previously posted on Keeping Current Matters<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that\u2019s been building steadily throughout the year. According to the National Association of Realtors (NAR): \u201cThe share of first-time buyers increased in March through June\u2014right into the heart of the pandemic period and the surge in unemployment\u2014and is […]<\/p>\n","protected":false},"author":3,"featured_media":6060,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,88,84,118],"tags":[],"class_list":["post-6059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-first-time-home-buyers","category-for-buyers","category-interest-rates"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6059"}],"version-history":[{"count":2,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6059\/revisions"}],"predecessor-version":[{"id":6138,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6059\/revisions\/6138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/media\/6060"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}