I recently saw a very interesting news item concerning the increased purchasing activity of first time home buyers.
According to a recent Zillow survey, it appears that 53% of all sales so far this year have been to first time buyers.
While this is a national statistic, and there will be regional variations, it does now seem that we are finally witnessing a major return of the first time buyer for the first time in many years.
The figures are further reinforced by the number of new home starts, which reached a multi-year high in July. This is traditionally a strong first time buyer sector.
The importance of this trend cannot be overstated. A vibrant entry level for home ownership resonates positively throughout the entire purchasing chain, facilitating greater sales fluidity.
Clearly one of the key reasons behind the first time buyer renaissance has to be the continuance of near historic low mortgage rates. Right now is a great opportunity for buyers to lock in a low rate for the life of the home loan and it seems this is great advice being taken up in very large numbers.
If you're considering selling your home and especially if your property might appeal to the first time buyer, there is clearly a great opportunity here, made even more attractive by the continuing shortage of available homes for sale in this area.
We're anticipating another very busy fall sales period this year, as mortgage rates continue to stimulate high demand, so don't waste a second and call us today on (435) 327-2090 to discuss your best options.
