The housing market has been a hot topic in recent years, with the number of first-time homebuyers steadily increasing. However, recent reports suggest that the number of first-time homebuyers is expected to remain steady in 2022, but could decrease in 2021.
The National Association of Realtors (NAR) recently released a report stating that the number of first-time homebuyers is expected to remain steady in 2022 at around 40%. This is due to an increase in the number of millennials entering the housing market, as well as low mortgage rates and an increase in the number of affordable homes.
However, the NAR also reported that the number of first-time homebuyers could decrease in 2021 due to the economic uncertainty caused by the COVID-19 pandemic. The pandemic has caused job losses and reduced wages, making it more difficult for potential buyers to secure financing for a home. Additionally, the pandemic has caused an increase in the number of foreclosures, which could lead to an increase in the number of homes on the market and a decrease in demand.
Despite this, there are still some positive signs for first-time homebuyers. The NAR report stated that the number of first-time homebuyers is expected to remain steady in 2022 due to an increase in the number of millennials entering the housing market, as well as low mortgage rates and an increase in the number of affordable homes. Additionally, there are a number of government programs available to help first-time homebuyers with financing and other costs associated with buying a home.
Overall, while the number of first-time homebuyers is expected to remain steady in 2022, it could decrease in 2021 due to the economic uncertainty caused by the COVID-19 pandemic. However, there are still some positive signs for first-time homebuyers, such as low mortgage rates and an increase in the number of affordable homes. Additionally, there are a number of government programs available to help first-time homebuyers with financing and other costs associated with buying a home.