2022 Marks the Lowest Number of First Time Buyers Since Recording Began
Sometimes there's just no easy way to say something other than to just say it. Through the 12-month period ending June2022 marked the lowest percentage of First-Time Buyers since the National association of Realtors (NAR) began tracking such data slightly over 40 years ago. That figure declined to 26%, down from 34 % in the preceding 12-month period ending June of 2021. The lethal combination of high prices, inflation, and skyrocketing interest rates have taken their toll on everyone in the market but have been especially brutal on the first-timers, and even the younger repeat Buyers. NAR also reports that as a result of these market conditions the average age of the first-time buyer came in at 36 years old, marking an increase of 3 years from the last such reporting. Ironically, in juxtaposition to the all-time low percentage cited above, that 36 years of age threshold marks the highest ever since recording of these statistics began. Younger Buyers, and especially first-time Buyers, face many of the same obstacles when trying to buy a home, including but not limited to limited funds for down-payment, damaged credit, insufficient credit, to name just a few. Couple that with stubbornly high prices, skyrocketing interest rates, low re-sale inventory, and Home Builders tightening the reins after 10 straight months of declining Home Builder confidence. at PropertyGuerilla.com we think that getting "creative" does not mean you need to re-invent the wheel, but potentially expanding your search methods by broadcasting your Buying (or Renting) needs to a wide audience may present the potential for opportunities that may not have appeared otherwise. It's free to use with no gimmicks, it's discrete and offers you direct communication with anyone that answers your inquiry. Real Estate is the product, and at Property Guerilla, communication is the currency. #realestate #homebuying #NAR #firsttimebuyers #interestrates #hoembuilders #propertyguerilla #buyingrealestate #sellingrealestate