April 18th, 2019
LendingTree recently conducted a large survey of first-time homebuyers and discovered several interesting trends, especially in regards to younger homebuyers. To set the stage, let’s remember that millennials make up the largest share of home buyers at 37%, so getting to know more about them will be increasingly important as we move further into 2019 and the coming years. So with that, here are some of the highlights from the survey:
Young adults are getting married older than previous generations, and 24% are waiting to get married after they buy a home.
Many first-time buyers don’t have a real grasp on how long the mortgage process takes. Almost 50% of them believe it takes 15-30 days to close, 14% think it takes less than 15 days, when in actuality the average close time is 43 days.
79% of first timers are in debt.
26% are considered to have poor credit, with only 15% having scores higher than 740.
61% believe there’s a shortage of homes for sale.
The ideal home price for first-time buyers is $150,000 or less. 85% would consider purchasing a fixer-upper to help save on costs.
Perhaps surprisingly, 46% plan on living in their home for at least 16 years.