Affordability Sidelining First Time Buyers in a Big Way

Posted To: MND NewsWire

The demand, steady gains in employment, low interest rates, and higher rents are all incentives to buy a home. But the National Association of Realtors® (NAR) says the fast appreciation of home prices, driven by a severe drought in available homes, has kept many first-time buyers on the sidelines. NAR's annual Profile of Home Buyers and Sellers , released on Monday, identifies many 2017 housing and consumer trends. The Profile lists results of a survey of recent buyers and sellers and shows increases in single female and trade-up buyers, smaller down payments, mounting levels of student debt, a growing incidence of houses selling for more than their listing prices, and for-sale-by-owner transactions reaching an all-time low of 8 percent for the third straight year as more consumers use...(read more)

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