Greycoat Real Estate sees an increase in first time homeowners buying homes and moving into them. They see signs that downsizing is decreasing despite rising prices. First time homeowners make up 60% of the market this year for purchasing homes.
All their whole estate shares climbed steadily this year as compared to April 2023 when it was only averaging 54%. Although first time buyers face many obstacles, the overpriced rental market has encouraged many to try to own their own property. As Greycoat specialists inform, many are turning to parents and grandparents for help with a deposit for a new home and help with expenses that accrue.
With an increase in property taxes many consumers living in large homes have downsized to a smaller home and no longer rent. The cost of moving is extremely high, and it includes stamp duty, agent fees and other costs that discourage consumers from moving. As the interest rates increase, Greycoat assures, many homeowners pay for a new home with cash.
Since last summer Greycoat Real Estate has found mortgages have increased by 72% in 2023. Buyers have adjusted to higher rates and lenders are offering more flexibility. This has led to taking out longer term loans with a variety of residential mortgage products available for consumers.
Up to now, first time buyers are continuing to dominate the whole market trend and sticking with traditional mortgages this year. Greycoat Realtor can help first time homeowners and builders create homes with financing and create quality homes in the market. Call us today.