Could DPA help ease homebuying concerns for worried buyers?
Representing over a third of all homebuyers, Millennials are a driving force for the housing market and its recovery. However, these buyers are facing a lot of uncertainties when it comes to homebuying, and their concerns have little to do with the pandemic.
Cultural Outreach, in collaboration with National MI, recently published their 2020 NextGen Homebuyer Report. They surveyed 1,450 NextGen homebuyers (ages 22-37) in April and September to learn how this generation feels about buying a home in the midst of a pandemic.
Despite the ups and downs of 2020, NextGen buyers are staying optimistic. Nearly 70% say the pandemic has had little to no effect on their homebuying plans, and 77% say buying a home is still their financial priority.
Also, this generation has remained financially fit, with 77% reporting less than $20K in consumer debt, including student loans.
What’s not so good?
One unfortunate statistic is that 1 in every 5 of these potential buyers stated they aren’t confident in ANY step of the homebuying process, from contract to closing.
Savings and the burden of a monthly mortgage payment are other big homebuying concerns. According to the study, affordability remains the biggest fear (68%), with 77% saying down payment is the primary obstacle. keep reading
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