In 2025, first-time homebuyers are prioritizing the desire for ownership over extensive wish lists. Despite rising prices and mortgage rates driving affordability concerns, these buyers focus on homes that ensure financial stability and comfort. With only 24% of current buyers being first-timers, many are adjusting their expectations by considering smaller homes or relocating to affordable areas. The need for move-in ready homes has increased, as new buyers are looking to avoid the hassles of renovations and seek support through down payment programs and financial grants.
"Not their parents' basement or an expensive rental that offers no real amenities and no equity... They want a new home. OK, maybe not new. Maybe just a home."
"First-time homebuyers have been stuck in a corner for quite some time now, faced with higher and higher prices, higher and higher mortgage rates, limited inventory, and steep competition from down-sizing empty nesters with a lot of equity."
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