{"id":979,"date":"2020-07-28T13:29:59","date_gmt":"2020-07-28T13:29:59","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=979"},"modified":"2022-07-04T23:45:10","modified_gmt":"2022-07-04T23:45:10","slug":"guidance-support-key-buying-first-home","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/guidance-support-key-buying-first-home\/","title":{"rendered":"Guidance and Support Are Key When Buying Your First Home"},"content":{"rendered":"
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Guidance and Support Are Key When Buying Your First Home<\/p><\/div>\n

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that\u2019s been building steadily throughout the year. According to the\u00a0National Association of Realtors\u00a0<\/em>(NAR<\/a>):<\/p>\n

\u201cThe share of first-time buyers increased in March through June\u2014right into the heart of the pandemic period and the surge in unemployment\u2014and is now trending higher than the 29% to 32% average in past years since 2012.\u201d (See graph below):<\/em><\/p><\/blockquote>\n

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Percentage of First-Time Homebuyers<\/p><\/div>\n

Why the rise in first-time homebuying?<\/strong><\/h4>\n

NAR continues to say:<\/p>\n

\u201cThe major factor is, arguably,\u00a0low mortgage rates<\/strong>. As of the week ended July 16, the 30-year fixed mortgage rate dropped to 2.98%. With rates so low that are locked in under a 30-year mortgage,\u00a0the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045.<\/strong>\u00a0For potential home buyers who were thinking of purchasing a home anyway before the pandemic outbreak and who are likely to remain employed, the low mortgage rate may be the clincher.\u201d<\/em><\/p><\/blockquote>\n

Clearly, historically low\u00a0mortgage rates<\/a>\u00a0are encouraging many to buy. With the average mortgage payment now estimated at a lower monthly cost than renting, it\u2019s a great time for first-time homebuyers to enter the market. According to the\u00a0Q2 2020 Housing Trends Report<\/em><\/a>\u00a0from the\u00a0National Association of Homebuilders<\/em>\u00a0(NAHB):<\/p>\n

\u201cEighty-four percent of Gen Z\u2019s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X\u2019s, and 21% of Boomers. Looking at results by region shows that over 60% of prospective buyers in the Northeast and South are buying a home for the first time. The share is above 55% in the Midwest and West.\u201d<\/em><\/p><\/blockquote>\n

There are, however, challenges for first-time buyers. A recent\u00a0survey<\/a>\u00a0conducted by\u00a0NeighborWorks America<\/em>\u00a0also notes that understanding the homebuying process may be the most significant barrier for many hopeful homeowners:<\/p>\n

\u201cHomeownership is a particular challenge for many, despite high levels of interest. Americans believe there are many benefits to homeownership and half of non-owners will seek information about the process in the next few years\u2026a large share of non-owners say the process is too challenging<\/strong>\u00a0and only a minority know where to find advice if they wanted it. And although many would seek the guidance of community and non-profit programs, only one in three non-owners are aware of such services.\u201d<\/em><\/p><\/blockquote>\n

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Many Who Don’t Own a Home Today Need Guidance To Meet Their Housing Goal<\/p><\/div>\n

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If you\u2019re among the first-time homebuyers who feel the\u00a0process<\/a>\u00a0is complicated, you\u2019re not alone. If you\u2019re not sure where to begin or you simply want help in figuring out how to save for a home, finding a trusted\u00a0real estate advisor<\/a>\u00a0to work with is a critical\u00a0step<\/a>\u00a0toward your success. A real estate professional can help you understand the process, review your current situation, and guide you with a plan to help you to feel confident when buying a home.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you\u2019re interested in purchasing a home and need help getting started, let\u2019s connect today so you can take advantage of the support available to guide you through each step of the way.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

First Time Buyers Finish Reading Guidance and Support Are Key When Buying Your First Home<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36,69],"tags":[38,15,123,226,92,10,18,27,91,52,9,49,42,40,20,12,24,48,13,28,54,19],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/979"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=979"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/979\/revisions"}],"predecessor-version":[{"id":983,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/979\/revisions\/983"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}