First-Time Buyers Archives

December 27, 2023April 25, 2024

Hispanics Will Be the Majority of New Homeowners by 2040. Can the Market Meet Their Needs?

This year’s trend study from CoreLogic® shows a steady rise in mortgage lending in mainly Hispanic neighborhoods.

Hispanic buyers tend to be younger and less affluent than other buyers across the board. Many are coming into real estate as first-time buyers. They’re motivated. Many will opt for FHA loans if conventional loans are out of reach.

Now, the proportion of Hispanic homebuyers will really surge. That’s because of the young age of this segment of the U.S. population.

September 11, 2023April 25, 2024

First-Time Buyers, Get Ready for These Extra Costs

Seriously? Ordinary home expenses now cost the average homeowner more than $14K every year? That’s above and beyond the owner’s mortgage loan payment, according to Zillow and the home improvement estimate company Thumbtack, in their 2023 study.

Mortgage interest and high property values aren’t the only price a buyer pays. And the totality of homeownership costs can take first-time buyers by surprise.

Ordinary costs of owning a residence include repairs and maintenance, as well as the inevitable utility charges, property taxes, and insurance premiums.