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Is first-time home-buying significantly on the rise?

On Behalf of | Oct 24, 2016 | Real Estate Transactions

In recent times, many estimates out there have been painting a rather bleak picture of the first-time homebuyer environment. Some such estimates put first-time buyers as making up less than a third of all homebuyers.

However, a recent survey paints a picture of a more robust level of activity from such buyers. This survey, which was conducted online, was by Zillow. According to this poll, in the last year, sales to first-time homebuyers made up almost half (47 percent) of all home purchases.

Why did this survey come out with such different results than the other estimates? It could be that this survey is catching a recent trend that the other reports didn’t. Or perhaps differences in methodologies among the different reports are leading to major variations in results. A lot is still unclear on which estimates are most accurately gauging what is actually happening in the market.

As this illustrates, there can sometimes be uncertainty regarding what is going on within a given aspect of the real estate market, like the activity levels of first-time homebuyers. This is not the only uncertainty a person can face when it comes to real estate transactions. Such deals can have some unpredictable aspects. Sometimes, unexpected legal issues come up during the course of such a transaction. The possibility of the unexpected striking is among the reasons why good legal advice can be an important thing for homebuyers to have throughout the course of a real estate transaction, whether this is the first home they have ever bought or they are seasoned buyer.

Source: San Antonio Express-News, “A surprisingly high number of first-timers now buying homes,” Josh Boak, Oct. 18, 2016