As we are seeing homes across America selling as soon as they come on the market in hours, often at 20% above the asking price. First-Time Home Buyers are leading the charge of purchasing homes online prior to seeing it in person to have a better chance of securing a home. Record low mortgage rates and a drastically low housing inventory, created by societal shifts from the coronavirus pandemic, have raised the stakes on the housing market in many places. But even in the competition is fierce and the process often confusing, first-time buyers seem determined to enter the market, often accelerating plans for homeownership. The share of first-time buyers in the housing market reached 36% in April 2020, according to the National Association of Realtors, up from 31% in 2018 and 2019. And those buyers were older - the median age of a first-time buyer in 1981 was 31. Today, it's 34.
Millennials - generally defined as those born from 1981 to 1996 - represent the largest contingent of homebuyers in the U.S., despite the fact that millennials are much more likely to have lost work or have entered the gig economy because of the pandemic, factors that make it harder to qualify for a home loan. They're also entering one of the most competitive housing markets in decades. The median sales price of single-family homes rose more than 10% percent in 88% of U.S. metro areas, pushing the monthly mortgage payment for a typical single-family home up to $1,040 this month, according to the National Association of Realtors. With extra-low mortgage rates currently below 3% continuing to hold, mortgage applications for both home purchases and refinancing are way up.
Active listings are 40% lower than it was one year ago. And in September 2020, more than 22% of all U.S. homes were sold above list price, compared with 15% in September 2018 and 2019. Millennials have one extra tool in their shopping arsenal, and that's their tech-savviness. According to an October survey from realtor.com, nearly half of millennial home shoppers were planning to buy a home sooner than expected because of the COVID-19 pandemic.
When it comes to navigating the current market landscape, it's important to have a Realtor that can guide you in your home journey. Contact me today and together we will get you to the end of your home journey.
As always, if you or if you know anyone looking to sell, buy, or invest in real estate. I would be honored if you would refer me.
Thank You,
Qierre McGlory
KW Vision
Realtor #01938370
(714) 577-2787
qierre.mcglory84@gmail.com
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