Are First-Time Home Buyers Abandoning the Market?
Research shows that the percentage of homes sold to first-time home buyers has decreased by 33% this year. This is the lowest percentage the market has seen in almost three decades according to the National Association of Realtors. Typically, first-time home buyers make up about 40% of all purchases. We are still seeing mortgage rates near records lows and home prices still off about 15% compared to the housing boom peak, so why the decrease in first-time home buyers?
1. Exploration shows that the blame ways heavy on student debt loans and incomes that are not keeping up with the rising home prices.
2. Strict lending standards have also made it challenging for first-time home buyers to qualify for a mortgage especially if they are carrying thousands of dollars in student loan debts.
With that being said here are some tips to help you with preparing to get approved for a mortgage:
1. Know your credit score
2. SAVE your cash
3. Stay at your job
4. Pay down debt & Avoid new debt
5. Get pre-approved
6. Know what you can afford
Call The Russell Group today and let us help you get on the right path to
the American dream of home ownership 678-318-5025