As Baby Boomers seek to age in place, Millennials have quickly grown to be the largest generation of potential home buyers both this year and next. However, younger home buyers continue to face several obstacles in their quest to transition from renting to owning including high home prices, limited inventory and competition.
Despite these challenges, renters still aspire to become homeowners in 2022 at a high rate. According to a new survey from Realtor.com, many are already actively looking. Among first-time buyers who plan on moving in 2022, 40 percent say they’ve been researching home values in their target neighborhood, 34 percent state they’ve researched the real estate process and 30 percent say they’ve talked to family or friends for advice.
To gain a competitive edge over older homebuyers who enter the housing market with more experience and bigger budgets, first-time buyers are taking a more active approach in their house hunt. Thirty four percent say they check for new listings daily and 22 percent say they are willing to make an offer within 48 hours of seeing a home they want.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (877) 700-0942 and your questions may be featured in an upcoming article.
