What's Hot: It'll Be Fun (For 374 Arlington Households) to Stay at the YMCA | Georgetown May Get a Sandlot By This Summer
The Return of the First-Time Homebuyer
Millennial's reticence (or inability) to become homeowners has been widely reported, however a new report finds that first-timers returned with a vengeance last year.
The report on first-time homebuying by Genworth Mortgage Insurance shows that the fourth quarter of 2017 was the strongest for first-time buyers since 2006. During the last quarter of 2017, first-time buyers closed on 505,000 homes, and for the year, first-time purchases rose 7 percent compared to 2016. Thirty-nine percent of single-family homes sold and 55 percent of mortgages were attributed to first-time buyers.
story continues below
loading...story continues above
Meanwhile, the supply of newly-constructed homes priced under $250,000, the entry-level market first-time buyers have traditionally relied on, has decreased by two percent, putting price pressure on other segments of the market.
Genworth predicts that strong demand and low supply will cause home prices to continue to rise and that the dearth of trade-up homes will lead many more people to take on remodeling and repair projects, leading them to also stay in their homes longer.
"The inflationary pressure on home prices is causing repeat buyers to consider re-investing in their own homes rather than paying a premium to buy," adds Tian Liu, chief economist at Genworth Mortgage Insurance. "This, in turn, is delaying entry into the market for many first-time homebuyers."
See other articles related to: home buying, first-time buyers
This article originally published at http://dc.urbanturf.com/articles/blog/first-time-homebuying-reaches-12-year-high/13600
Most Popular... This Week • Last 30 Days • Ever

Backyard Container aims to simplify the costs and process of getting a functional shi... read »

Since the last time UrbanTurf took a look at the South Capitol Street corridor, over ... read »

In order to ensure residents of DC's Ward 8 benefit from development there, the Ward ... read »

An anti-amplified noise bill has been introduced for the third time.... read »

The expansion efforts for this incremental affordable housing production tool continu... read »
- A Shipping Container ADU One-Stop Shop Launches in DC
- 1,900 Units Down, 1,900 to Go: The Status of the South Capitol Street Pipeline
- The Group That Plans to Give Ward 8 Residents a Seat at the Economic Development Table
- The Return of the DC Anti-Street Noise Bill
- DC's Office of Planning Proposes Requiring Inclusionary Zoning Units in Residential Conversions
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro