Renae Stucki Realtor found an interesting article on Bloomberg’s website claiming that first time home buyers only accounted for 26% of home sales in January 2014.
The site speculates this is because of declining affordability and tight lending practices by banks. This perfect storm of adverse lending conditions is pricing many hopeful home buyers out of the market.
Although this may be true on a national level, we’re still not seeing this impact as dramatically in our area. Renae has forged many strong connections to local lending institutions and works closely with many of them to secure financing for her customers. All of our feedback from these branches of the lending tree point to some fairly conservative lending requirements, but also to a continued flow of loans finding their way into the hands of the customers who are shopping for them.
This really is a great place to shop for a home or sell a property. The economy is stable enough to support a steady stream of business in the real estate industry and will hopefully continue to fund the dreams of first time home buyers for years to come!
