{"id":7321,"date":"2020-07-28T10:00:27","date_gmt":"2020-07-28T10:00:27","guid":{"rendered":"https:\/\/thezakariagroup.com\/guidance-and-support-are-key-when-buying-your-first-home\/"},"modified":"2020-07-28T10:00:27","modified_gmt":"2020-07-28T10:00:27","slug":"guidance-and-support-are-key-when-buying-your-first-home","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/guidance-and-support-are-key-when-buying-your-first-home\/","title":{"rendered":"Guidance and Support Are Key When Buying Your First Home"},"content":{"rendered":"
\n

\"Guidance<\/p>\n

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

\n

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

\"Guidance<\/a><\/p>\n

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

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

\n

“The major factor is, arguably, low 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, the typical mortgage payment, estimated at $1,036, has fallen below the median rent, at $1,045.<\/strong> For 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.”<\/em><\/p>\n<\/blockquote>\n

Clearly, historically low mortgage rates<\/a> are encouraging many to buy. With the average mortgage payment now estimated at a lower monthly cost than renting, it’s a great time for first-time homebuyers to enter the market. According to the Q2 2020 Housing Trends Report<\/em><\/a> from the National Association of Homebuilders<\/em> (NAHB):<\/p>\n

\n

“Eighty-four percent of Gen Z’s planning to buy a home are first timers, compared to 68% of Millennials, 52% of Gen X’s, 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.”<\/em><\/p>\n<\/blockquote>\n

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

\n

“Homeownership 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…a large share of non-owners say the process is too challenging<\/strong> and 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.”<\/em><\/p>\n<\/blockquote>\n

\"Guidance<\/a>If you’re among the first-time homebuyers who feel the process<\/a> is complicated, you’re not alone. If you’re not sure where to begin or you simply want help in figuring out how to save for a home, finding a trusted real estate advisor<\/a> to work with is a critical step<\/a> toward 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’re interested in purchasing a home and need help getting started, let’s connect today so you can take advantage of the support available to guide you through each step of the way.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. According to the National Association of Realtors (NAR): “The share of first-time buyers increased in March through June—right into the heart of the pandemic period and the surge in unemployment—and is […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nGuidance and Support Are Key When Buying Your First Home - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/guidance-and-support-are-key-when-buying-your-first-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guidance and Support Are Key When Buying Your First Home - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"In June, the number of first-time homebuyers accounted for 35% of the existing homes sold, a trend that’s been building steadily throughout the year. 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