April 15th, 2019
Want to get inside the head of first-time homebuyers? A new study from the New York Federal Reserve gives us a good glimpse. According to a breakdown article by HousingWire, the Fed study showed us a number of characteristics first-time buyers share in today’s market, as laid out below:
First-time buyers are much more likely to take out smaller mortgages than repeat buyers. in 2016, the average origination balance for a first-timer was $213,000, while the average for repeat buyers was $273,000.
First-timers also are prone to having lower credit scores than repeaters.
On average, first-timers are generally younger than repeat buyers.
First-timers are going to cheaper markets to find homes than repeaters.
First-timers actually have less student debt on average than repeat buyers.
How will you engage with first-time buyers in order to help them secure a home they can qualify for, comfortably afford, and enjoy?