Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How Freddie Mac is addressing affordable housing challenges

Freddie Mac is focused on addressing limited access to credit, housing inequalities, creation and preservation of affordable housing supply and advancement of homeownership education.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

Real Estate

Good news: More evidence that first-time homebuyers are ready to buy

But there's bad news too

TransUnion recently reported that there will be a flood of first-time homebuyers in the market over the course of the next three years.

Now, it looks like that flood may be ready to start, but the news isn’t all good.

The latest Housing Trends Report for the National Association of Home Builders, which surveys prospective homebuyers for their sentiments on buying a home, revealed that the fourth quarter of 2019 saw the fifth consecutive year-over-year drop in the share of American adults who said they plan to buy a home in the next year.

According to the report, Q4’s report showed that only 11% of adults said they want to purchase a home in the coming year, down 2% from 2018’s 13%.

But, despite this number inching down, the report holds some positive news as well.

In fact, 63% of those who said they plan to buy a house are first-time homebuyers. This is much larger than a year earlier, when 53% of prospective homebuyers were first-timers.

Broken down by age group, it’s Millennials who are most likely to make a home purchase, with 19% of the overall share. Following not too far behind is Gen Z, with 13% and Gen X, with 12%, the report said.

Those prospective buyers in the two younger generations are, for the most part, first-time buyers.

Of the Gen Z prospective buyers, 88% would be first-time buyers, while 78% of Millennials would be first-time buyers. Interestingly, 57% of Gen X buyers would be first-timers and 20% of Boomers said they would be first-timers, too.

To no surprise, only 5% of Boomers said they have plans to purchase a home. Lately, there has been an “aging in place” trend, which may provide a reason for this small percentage.

Geographically, 12% of those surveyed were prospective homebuyers in the South and West, in front of the 10% in the Northeast and 9% in the Midwest.

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