• June 13, 2024

Greycoat Real Estate: First-time Buyers Are Dominating The Housing Market

The movers and shakers of the housing market are the first-time buyers. The rising mortgage rates are not stopping them, according to Greycoat Real Estate. Currently, 60% of buyers are first-time buyers, the agency specialists reveal. Greycoat Real Estate believes there are a couple of reasons for the surge.

The first reason is there are problems in the rental market. Rent prices are high, and many landlords are now selling their property, leaving tenants on the street. Greycoat informs how, the second reason is first-time buyers are getting financial help from parents and grandparents.

Statistics show, according to Greycoat Real Estate, that first-time buyers who do not have financial support from family need to save for almost seven years. This, before having the money for the down payment. Also, people are getting over the shock of higher rates.  

Instead, people are taking out loans for lengthier periods, Greycoat specialists add. The loan flexibility is helping to take the burden off the first-time buyer. While first-time buyers are having their moment, downsizing activity is declining. Why?

Greycoat Real Estate explains there is a shortage of smaller homes. Also, the cost of moving is expensive. Instead of moving, people are staying in their larger homes longer. As the market stabilizes, the hope, says Greycoat Real Estate, is that those who want to upsize will start purchasing homes. It will open homes for those who want to downsize.