First Time Home Buyers are on the Rise and Helping Strengthen Housing Market
With first time home buyers on the rise and currently a strong factor in the housing market. They made up a majority of the buyers last month at 52%. First time home buyers have been a driving force in the housing market for the past year. The number of first-time buyers increased from November 2014 to November 2015 by 19%.
A number of factors may help with the increase in first-time buyers; low mortgage rates, fear of mortgage rates going up, the average needed FICO score for a loan dropped. Overall, it speaks that the desire of home ownership is still strong. Despite the rising mortgage rates it is still a great time to buy. First time home buyers are on the rise and there is no reason to believe they will not be a strong force in the market moving forward.
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