The new study of consumer sentiment and homebuyer behavior trends, with a special focus on first-time buyers, finds that while competition is stiff, home shoppers still have hope.
More Americans want to buy a home within the next five years now than in 2018, with four percent growth annually to the current share of 36 percent. Those who plan to buy within the next 12 months has a share of 24 percent. NerdWallet's analysis shows that 45 percent of respondents who bought a home within the last five years offered more than the asking price to the seller. These buyers averaged three offers submitted before closing.
Feeling the pinch post-purchase. One-fourth (25 percent) of American homeowners say they no longer felt financially secure after purchasing their current home — and more than one-third (34 percent) of first-time home buyers identified with this sentiment.
Missed savings by the millions. American home buyers could save $776 million in a single year by comparing mortgage rates among lenders before applying, according to NerdWallet’s analysis. That’s over $400 per borrower in the first year of a 30-year mortgage.
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