Tuesday, November 18, 2014

30 year low for First Time Home Buyers

First Time Home Buyers buying less!
NAR reports 30 year low in first time home buyers.

The National Association of Realtors released their annual Profile of Home Buyers and Sellers earlier this month.  Only 33% of those who bought homes were first time home buyers, compared to 38% last year. 

Historically, this represents the lowest percentage of first time home buyers since 1987 marking a 30 year low.  Despite a recovering economy and historically low interest rates, millennials are not purchasing homes. Millenials make up the young adults born between early 1980's and early 2000's. 

Economists are citing several reasons for this dip:
Pensacola Real Estate
Pensacola Real Estate ~ Several deals available for first time
home buyers!
  • High student loan debt
  • Millienials are getting married and starting families later in life
  • More young adults living at home
  • Harder to save up down payment with rising rent costs
  • Lack of consumer confidence
According to NAR, the median age of first time home buyers was 31 years old, and the average home price for first time home buyers was $169,000.

There is good news! With an average home price of $175,000 for the Pensacola Real Estate Market in 2014, many of the homes on the market are available for a first time home buyer to purchase.  We are working with several Pensacola area lenders who have special loan programs that can offer 100% financing.  Are you interested in purchasing your first home? Email Nicoles@PensacolaRealtyMasters.com or just call our sales team at (850) 473-3983.

The drop in first time home buyers is reported to be holding back the housing recovery.  Are you a millienial? If so, what is holding you back from making the leap to homeownership?

Thanks and have a great day,
Nicole St. Aubin, Broker Associate
Realty Masters of FL~ #1 in Pensacola Property Management
4400 Bayou Blvd. #58B, Pensacola, FL 32503
Call us at (850) 473-3983

Over 45 Pensacola Rental Homes at www.PensacolaRealtyMasters.com

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