A deluge of first-time homebuyers is most likely to hit the Home-buying scene over the upcoming three years, this is according to fresh data from TransUnion.
TransUnion is currently projecting that at least 8.3 million first-time homebuyers will jump into the scene in 2020 and 2022, and that number could be low.
That’s more than any three-year period in the past ten years, according to TransUnion’s examination.
Recently, we have seen a flurry of refi’s, homeownership rates are still low. TransUnion reports that the hindrances to homeownership still remain high home prices, wage rates are not growing at the same pace of median mortgage payments and limited homes to choose from.
But the cited hindrances could turn around as soon as next year. There is great optimism that unemployment will stay low, wages will increase, and home prices will stabilize.
The Trans Union data reveals that things are getting better – not worse.
As a new generation (Gen Z = 18 y.o.+) is getting creditworthy, they are looking forward to buying a home of their own as soon as they possibly can.
943 individuals from Generation Z were surveyed by TransUnion, and they mentioned they were interested in the added privacy and equity appreciation homeownership offers.
The survey data revealed that the reason 58% of those interviewed weren’t ready to buy a home yet was due to the lack of a down payment not desire.
Is that the objection that is stopping you from inquiring? DON’T LET IT HINDER YOU!
There is down payment assistance available to First-time buyers in many areas of Southern California.
Pick up the phone and call the Real Estate Prophet at (951) 479-8190. Let’s see what we can do to make that dream come alive for you!