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November 24, 2014

More First-Time Home Buyers to Emerge in 2013?

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More First-Time Home Buyers to Emerge in 2013?

A slow economic recovery has created a pipeline of hesitant first-time buyers who may finally get confidence to purchase a home next year, Mike Fratantoni, vice president of research for the Mortgage Bankers Association, told HousingWire. 

The recent momentum of the housing recovery may cause more first-timers to finally get into the market, as they seek to take advantage of record-low mortgage rates and still-low home prices. 

The economy has hit a “soft patch,” but home prices are inching up in many markets after several years of steep declines. Fratantoni told HousingWire that he expects the increase in home values will likely create more momentum for purchases next year, particularly among first-time home buyers.

Source: “MBA economist: First-time Homebuyer Pipeline in Growth Mode,” HousingWire (Sept. 11, 2012)