Number of first-time buyers is not shrinking
There is an ongoing perception that first-time homebuyers are sitting on the sidelines due to rising interest rates and elevated home prices. But Real Estate Economy Watch says that’s not the case.
After studying the work of two economists from the Atlanta Federal Reserve, the publication wrote:
Reports based on surveys of Realtors to the contrary, first timers are doing just well as ever, thank you very much. “We do not share the concern about weakness in housing demand going forward because we are not convinced that the data indicates a material decline in first-time buyer participation,” concluded researchers Jessica Dill and Ellyn Terry (with the Atlanta Fed).