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First-Time Homebuyer Characteristics & Concerns
Home Buyers and Sellers Generational Trends (National Association of REALTORS®, 2023)
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. Behind these groups, 21 percent of Gen Xers were also first-time home buyers.
NAR Finds Share of First-Time Home Buyers Smaller, Older Than Ever Before (National Association of REALTORS®, 2023)
“At just 26%, the share of first-time buyers was the lowest since NAR began tracking the data. The typical first-time buyer was 36 years old – an all-time high.”
Liberty Street Economics First-Time Buyers Series
In this series of posts, a better measure of first-time buyers is introduced and the dynamics of this group is examined over the past seventeen years. In the next post, the characteristics of first-time buyers is described. The series concludes by examining the sustainability of homeownership for first-time buyers.
A Better Measure of First-Time Homebuyers [Part 1 of 5] (Liberty Street Economics, Apr. 8, 2019)
Who’s on First? Characteristics of First-Time Homebuyers [Part 2 of 5] (Liberty Street Economics, Apr. 10, 2019)
The Sustainability of First-Time Homeownership [Part 3 of 5] (Liberty Street Economics, Apr. 12, 2019)
Is the Recent Tax Reform Playing a Role in the Decline of Home Sales? [Part 4 of 5] (Liberty Street Economics, Apr. 15, 2019)
Did Tax Reform Raise the Cost of Owning a Home? [Part 5 of 5] (Liberty Street Economics, Apr. 17, 2019)
Working With First-Time Homebuyers
A Real Estate Agent’s Guide to Calming First-Time Homebuyers (Real Trends, Oct. 23, 2022)
“In addition to rising rates, first-time homebuyers have the normal fears of purchasing the right property, knowing what they can afford, knowing what lender to pick, and putting down a large chunk of change for the first time. Being able to address these concerns will make the difference in a home sale, but also a homebuyer continuing with you as a realtor over someone else.“
Yikes! 6 Surprising Problems First-Time Homebuyers Often Overlook (realtor.com®, Aug. 8, 2022)
“Failure to look at all the details can have first-time homebuyers missing damaged or aging systems,” says Craig McCullough, a real estate agent with The Catalyst Group at Compass in Washington, DC. “A financial and often emotional cost comes when these systems break after closing and the repair or replacement is the burden of the buyers.”
A Guide to First-Time Home Buyer Programs, Loans and Grants (Rocket Mortgage, May 24, 2022)
This guide covers some of the most advantageous grants, home loans and programs for first-time home buyers.
How To Qualify for a First-Time Homebuyer Loan (the balance, May 4, 2022)
“First-time homebuyer loans are designed to make homeownership accessible to first-time buyers, especially those with lower incomes. They may offer benefits like down payment or closing cost assistance, loan forgiveness, help with lender fees, or deferred payments. Programs are usually offered by your state or locality and may have both income and purchase price restrictions. These loans might not be the right financial choice for every buyer, even if it is your first time purchasing a home.”
How Agents Can Help First-Time Home Buyers (REALTOR® Magazine, Nov. 9, 2020)
“Your job as an agent is still to make sure your buyer doesn’t make a big mistake. You still need to follow through on all of the necessary due diligence even though the buyer has been put in a position to make an immediate decision. This is about them, not about you.”
First Time Home Buying (realtor.com®)
The home buying process is broken down into five parts: getting started, which includes establishing a price range; balancing budget and home size, process details, which includes warranties, contingencies, and insurance; the closing process; and myths and truths, which includes what real estate agents do and who pays for what during the process.
The Everything Guide to Buying Your First Home (HouseLogic)
This article shows not only the major steps taken during the home-buying process, but also explains the relationships and experts needed along the way. There is also a handy infographic that outlines the home-buying process from start to finish.
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
100 Questions Every First-Time Home Buyer Should Ask (eBook)
The Complete Idiot's Guide to Buying a Home (Audiobook, eBook)
The Essential First-Time Home Buyer's Book (eBook)
The Everything Homebuying Book (Audiobook, eBook)
Home Buying for Dummies (eBook)
Home Buying Without the BS! (eBook)
How to Buy Your First Home (eBook)
Next Generation Real Estate (eBook)
The Real Estate Process (eBook)
A Survival Guide for Buying a Home (eBook)
The Unofficial Guide to Buying a Home (eBook)
Books, Videos, Research Reports & More
As a member benefit, the following resources and more are available for loan through the NAR Library. Items will be mailed directly to you or made available for pickup at the REALTOR® Building in Chicago.
Buying Solo (Chicago, IL: Penguin Group, 2005) HF 5438 Su6
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