A recent survey by a national home builder shows that over 65% of renters’ ages 18-34 have an income of more than $50K. This same survey shows that 30% of home sales are to first time home buyers, who fall into the 18-34 year old age group. These are encouraging signs for the Hampton Roads real estate market, as many of the recent home buyers falls into this demographic.
Interest rates continue to be a motivating factor for first-time home buyers, as they can purchase a great home and have a monthly mortgage payment that is less or comparable to current area rental rates. These two combined components are greatly impacting the Hampton Roads real estate inventory.
Many first- time home buyers find their buying power is greater than just a year ago, and they tend to choose homes that are affordable and those properties that may need updating or even rehabbing. Buyers in Hampton Roads are interested more in location and price, as opposed to luxuries or large amounts of space. Equally important is a nice outdoor living environment or a place to construct a patio or deck after they purchase.
The value of home ownership is once again upon us in Hampton Roads, and there are great mortgage programs available for homebuyers, who are ready to make a sound financial investment in home ownership.
Pat Bowler | Market Leader & Mortgage Consultant
575 Lynnhaven Parkway Suite 101 | Virginia Beach VA 23452 | 757-652-3999
Movement Mortgage, LLC is an Equal Housing Lender. NMLS # 39179 | 877-314-1499. Movement Mortgage, LLC is licensed by the “Virginia Bureau of Financial Institutions” Lic # MC-5112. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company.