First Time Home Buyers
Home sales are at their highest annual pace since February of 2007. June marks the fourth consecutive month of upward movement in the number of home sales. Realtor.org reported 33% of homes sold in June were to first time buyers.
The evidence of skyrocketing rents is one factor driving the influx of first time home buyers. Statistics from AxioMetrics show the average effective rent is 32% higher now, when compared to 2009. An article prepared by Keeping Current Matters shares a visual of the year over year gains in the cost of rent.
Interest rates hovering at near historic lows and continually rising prices are additional motivators for renters to make their move to home ownership. According to an existing home sales report from NAR, June 2016 shows a 4.8% increase in the median existing home price over June 2015. When we isolate this number to the west, the June 2016 median price is up 7.2% above June 2015. In the west, the median home price weighs in at $350,800 compared to the national median of $247,700.
Foreclosure Boomerang Buyers
Another segment of buyers to be on the look-out for is the boomerang buyer. With the peak of foreclosures in 2010, there are 1.9 million people who will be leaving the seven year black mark of foreclosure behind them. A report from CoreLogic shares some insight on the rate of these buyers reentering the market.
Depending on your location, AmeriTitle may be able to assist you with targeted prospecting lists to help you connect with these potential buyers. Contact your local office to discuss options available in your area.
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