According to recent survey information revealed by Zillow, 53% of all buyer sales in 2016 have been to first time buyers!
And in spite of well-publicized recent concerns to the contrary, millennials are featuring strongly in this purchasing pool.
These stats were further reinforced earlier this week when the latest figures for new home starts, traditionally a stronghold for the first time buyer, showed a multi-year high in July, and quite a significant hike on the rest of 2016 to date!
And with news today that mortgage rates have ended the week lower and are still at rock bottom levels, here is the key reason behind the amazing current levels of enthusiasm to get on that housing ladder.
In last Friday's blog, we looked at an investors.com survey that showed that buying is now cheaper per month than renting in 42 states, including New Mexico. This reveals another key reason why the mood of the moment seems to be to seize what may prove to be perhaps the best ever opportunity to break the renting cycle, given how low home loan interest has been all year, and before.
For would be sellers with homes that have first time buyer appeal the message could not be stronger to also grab this chance to capitalize on the huge buyer sentiment that's out there at the moment. And if inventory of available homes for sale weren't struggling as it has for some time now, those numbers of first timers might be even higher, via greater choice.
If you're considering buying a home then hopefully you can see that these wonderfully low mortgage rates we've been enjoying are greatly increasing your buying power and ability to get on the ladder.
For the real estate world as a whole, this is probably the best news we could have wished for. The first time buyer has been largely absent from the market for many, many years and this renaissance will have positive ripples right through the purchasing chain, as a vibrant entry level essentially energizes the entire market in the most healthy way possible.
If you're considering selling or purchasing in these great conditions, don't hesitate to contact us now before circumstances change. Remember that November 8th (Election Day) is approaching!