03 Feb Realtor.com 2015 Housing Forecast: Stage Set for the Return of First-Time Home Buyers
Following years of retrenchment among prospective first-time homebuyers and the dampening effect it has had on the recovery of the housing market, first-timers will return to the market this year, according to the realtor.com 2015 Housing Forecast released December 4.
This is among several key developments projected for the coming year by realtor.com, a leading provider of online real estate services operated by New Corp subsidiary Move, Inc., in a report that includes predictions for home prices, home sales, mortgage rates, and affordability, as well as the Top 10 Markets for Housing Growth.
“The residual financial effects of recession-driven job losses and subsequent unemployment have impeded millennials’ entry into the home-owning market. In 2015, increases in employment opportunities will empower younger buyers to return to the market and fuel continued housing recover,” said Jonathan Smoke, chief economist for realtor.com. “If access to credit improves, we could see substantially larger numbers of young buyers in the market. However, given a high dependency on financial qualifications, this activity will be skewed to geographic areas with higher affordability such as the Midwest and South.”
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Realtor.com 2015 Housing Forecast: State Set for the Return of First-Time Home Buyers (RIS Media Article)