The Dark Side of ChatGPT: How Relying on AI for Your Real Estate Content Can Backfire
First and foremost, no, this article wasn’t written using artificial intelligence. Or does that sound exactly like something AI would say to throw you off
First-Time Home Buyers Find Unexpected Benefits in Current Market
There’s no denying that low inventory and increasing prices have presented challenges for buyers in today’s market—and that includes first-time buyers.
But the market also offers a slew of benefits for first-time buyers—and many have had a positive experience buying a home in recent months.
A recent survey from realtor.com asked over 1000 recent and prospective first-time buyers about their experience buying a home in today’s market—and much of the news was good. Some of the biggest benefits buyers experienced include:
- Buyers are pleasantly surprised at how much home they can afford. Between March 2020 and January 2021, mortgage rates dropped a full percentage point—from 3.65 percent to 2.65 percent—and that drop in rates has given many first-time buyers more wiggle room in their budget than anticipated. Nearly half of respondents (47 percent) said they were pleasantly surprised that their home-buying budget was higher than expected.
- The majority of buyers found what they were looking for in a home. When you buy a home, you want to make sure it checks all the items off your “must-have” list—and in today’s market, that’s the experience for most buyers. A majority of first-time buyers (61 percent) were able to find a home that had all the features and amenities they were looking for—and within their budget.
- The majority of buyers found their homes within a year. Even with the inventory and pricing challenges, first-time buyers are still finding homes relatively quickly—with over 80 percent of first-time buyers finding and buying their home within the span of a year.
The Takeaway:
So, what does this mean for you? If you’ve been thinking about buying a home for the first time, many other first-time buyers are having a positive experience in the market—making now a great time to make a move.
