Will These Home Buying Trends Affect Your Home Purchase?
Buying a home either a new construction or an existing home, is a big purchase either way. According to a Reuters article Among couples who have created a wedding registry in the last two years, a stunning 85% said they would have preferred cash toward a down payment on a home, instead of typical registry gifts.
According to Zillow, it takes around 10.5 years for an average buyer to save enough for a down payment and closing costs. According to the National Association of Realtors, a down payment for a first-time homebuyer is between 6% and 7%.
“Affordability could be a major driver of cross-country moves as buyers seek a lifestyle within their means. In the Austin metro area, the average monthly payment burden for new homeowners who paid a 10% down payment is 44.8% of income. This includes mortgage payments, property taxes, and homeowners’ insurance,” reports a Zillow economist.
Builders are also shifting their focus. The amount of first-time buyers is shrinking. “Builders are opting for more spec communities instead of custom communities,” Stephanie Smith is the director of social media for Acme Brick said. “This allows them to keep up with demand and turn a profit quickly.
If you are in the marketing for a home, choose a local realtor who can help you purchase your home.
