Watch Now: First-Time Buyer

First-Time Buyer - Female real estate agent with her client

Purchasing your first home in this market isn’t easy, but these determined buyers are up for the challenge. Watch as real estate rookies discover creative pathways to home ownership by following the lead of an agent who is a REALTOR® on First-Time Buyer!

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Quick Takeaways

  • First-time buyers made up 26 percent of all home buyers, a decrease from 34 percent last year.
  • Seventy percent of Younger Millennials and 46 percent of Older Millennials were first-time home buyers, more than other age groups.
  • 21 percent of Gen Xers were also first-time home buyers.

Source: 2023 NAR Home Buyer and Seller Generational Trends (National Association of REALTORS®, 2023)

While both first-time home buyers and repeat home buyers share the goal of acquiring a property, their differing experiences, financial situations, goals, market knowledge, and emotional factors contribute to their unique perspectives and needs during the home buying process.

First-time home buyers often have limited funds for a down payment and may require assistance in securing financing. They might not have built up substantial equity from a previous home sale. These buyers may be focused on achieving the milestone of homeownership and establishing a stable living situation. They may prioritize finding an affordable property that meets their immediate needs. They may need to spend more time researching the market and seeking guidance from real estate professionals than repeat buyers who are more familiar with the process. First-time buyers may experience more anxiety and uncertainty during the home buying process due to their lack of experience. The decision to purchase a home is a significant financial commitment, and first-time buyers may feel more pressure to make the right choice.

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