Starter Home or Forever Home IF you are a FIRST Time Home Buyer?

IF you were the FIRST TIME HOME BUYER, would you be looking for a starter home or your forever home?

During and post pandemic, the average age of the first-time home buyer continues to grow older, reaching an all-time high of 36 last year, according to National Association of Realtors, first-time buyers aren’t looking to move again in a few years. They are ready to purchase the home they will have for most of their lives.

According to Rocket Homes, 57% of buyers looking for their first home want it to be their forever home. For the 43% of first-time buyers who said they are looking for a starter home, affordability was the top reason they aren’t planning to buy their forever home now, according to 32%. Other reasons included not being married (27%) and planning to grow their family later in life (19%).

Despite a challenging market, first-time buyers, whether looking for a forever home or a starter home, have their must-haves figured out. Location, the number of bedrooms and the number of bathrooms are important to more than 40% of respondents, while 39% said an updated kitchen is crucial. More than one-third (35%) said they want an inspection of the home before closing. About 25% of respondents said they are slowing their search until mortgage rates drop, while 11% dropped their budget to be able to afford a home. About 34% said they are working to update their finances to hopefully get better rates.

Need more information or help to start looking for a home in Chester County or elsewhere, you can turn to me as a resource.

Bipin Chandriani - Realtor® https://linktr.ee/homesbybipin

www.Homesbybipin.com RE/MAX Ace Realty, Downingtown PA

Call/text:484 347 1848 Office: 484 712 0009