HomeLight's 2024 Top Agent Insights survey reveals significant barriers for first-time homebuyers, with over half of real estate agents noting increased contingency requests and cash-only purchases. The struggle intensifies with 27% of first-timers seeking mortgage rate buydowns from sellers and 23% relying on family gifts for down payments. The recent NAR commission lawsuit and settlement have further complicated the market, creating uncertainty around buyer-broker agreements, thereby disproportionately affecting first-time and lower-income buyers while the luxury market remains robust, widening the wealth gap.
According to the HomeLight 2024 Top Agent Insights survey, over 59% of real estate agents noticed a rise in contingency requests, with first-time homebuyers facing significant coaching challenges.
The report reveals that 27% of first-time buyers are asking sellers for mortgage rate buydowns, reflecting a growing trend among buyers who are struggling to secure homes on their own.
HomeLight's report highlights that 23% of first-time homebuyers are relying on family gifts for down payments, emphasizing the growing importance of generational wealth in homeownership.
Respondents indicated that the recent NAR commission lawsuit and settlement created uncertainty among buyers and sellers, negatively impacting first-time and lower-income buyers.
Collection
[
|
...
]