Thursday, July 22, 2021 / by Ken Couture
The booming real estate market makes it difficult for first-time home buyers to stand out in the price war. But aspiring first-time home buyers haven't given up.
According to the latest Chase Home first-time homebuyers study, only a quarter of aspiring first-home buyers surveyed recently said they are very confident that they will be financially ready to buy a home in the first half of 2021. However, most of these potential buyers are still taking steps so that their funds can be purchased as soon as they see the market open.
77% of respondents said they are actively saving for down payments; more than half plan to study a down payment research project, and 66% said they have set a monthly budget and are working to improve their credit score. Seven out of ten respondents said that they are changing their lifestyles in order to pay for moving expenses as soon as possible.
Even if bidding wars become the norm and house prices rise rapidly, consumers are still eager to buy. The survey found that, after all, 69% of aspiring first-time homebuyers said they still see home ownership as a major part of accumulating wealth.
Chase Home Lending surveyed approximately 1,100 consumers who expressed a desire to purchase their first home. 60% of those surveyed said they expect to buy a home in the next 12 months.
But it still boils down to the financing they can get when they can finally buy. Nearly 60% of respondents said they are reassessing how to finance their first home, which will greatly affect when and whether they can buy it.
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