Wednesday, November 5, 2014
*Synced from Seattle and Real Estate
The National Association of Realtors recently published results from its annual Profile of Home Buyers and Sellers survey, and the association found that the percentage of purchases made by first-time home buyers is at its lowest point since 1987. First-time buyers made up 33 percent of the national market, down 5 percent from a year ago, whereas historically (based on surveys conducted since 1981) four of every 10 home purchases were made by first-time buyers.
Though interest in purchasing homes remains high for young adults, obstacles such as student loan debt, credit card debt, and car loan expenses were the most common deterrents to saving for a down payment among survey participants. Other factors include rising rents; wage growth slowing in relation to housing prices; and market conditions such as low inventory and tight credit restrictions. NAR’s Chief Economist Lawrence Yun said that lowering mortgage insurance premiums and looser credit standards could give first-time buyers the extra boost they need to jump into the housing market for the first time.
If you are interested in buying a home in the Seattle area, contact your local real estate agent today.