Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about the mixed data coming out on first time homebuyers. An article from NAR.com finds that “First-time homebuyers shrink to historic low of 24% as buyer age hits record high.” This is in stark contract to a few years ago when almost half of homebuyers were first timers. In addition, the average age of first time buyers is going up as well. It was 35 in 2023, but has risen to 38 years old in 2024. This is likely caused by rising interest rates. Buyers need to save more for their down payments to account for the rising interest rates. And unfortunately, income is not increasing at the same rate as homebuyers income. What do we need to see this year to solve some of these issues? Overall, we just need to get more homes on the market, and more homes built. In the $300-500k range. Listen in as we discuss this and more!

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