More first-time buyers hope to transition from renting to owning in 2022. After a challenging 2021, many are looking ahead to the new year for an opening in the market—one where competition may not be as tight as it has been this year.
Aspiring first-time buyers are already actively looking: 40% say they’re researching home values in their target neighborhood, 34% say they’ve researched the real estate process, 30% have talked to family and friends for advice, 25% have been in contact with a real estate agent, and 15% have been preapproved for a mortgage, a new survey from realtor.com® finds.
Sixty-one percent of first-time buyers are looking for a home priced at or below $350,000, according to the realtor.com® survey. To be competitive, 34% of first-time buyers say they are checking listings every day; 25% say they’re willing to put more than 20% down; 22% say they’re willing to make an offer within 48 hours of seeing a home they want; 22% say they’re willing to go over budget. However, they are less willing than other buyers to forgo contingencies or compete in a bidding war, the survey finds.