For Kristin O’Neil (pictured top), senior loan officer at Open Door Lending, 2024 has seen an uptick in first-time buyers making inquiries and having a serious chance of purchasing a home.
She told Mortgage Professional America that new buyers were finding much more opportunity in the current market than those of years gone by, especially as momentum has begun to shift away from sellers and back towards buyers. “Coming off of two to three years that felt very difficult for first-time homebuyers to compete, I have seen so many first-time buyers be successful this year,” she said.
“We are seeing more seller concessions which has really made a difference in making homeownership more affordable for many. My first-time homebuyers who are represented by seasoned real estate agents are doing extremely well in the current market. Having strong representation is more important than ever and buyers see the value in that.”
That’s not to say everything is going first-time buyers’ way. Home prices are no longer rising at the same pace as during the pandemic, but they remain prohibitively high for many new buyers’ budgets and a lack of inventory is still at play across many markets.
Nonetheless, a less frenzied market across the country is generally starting to favor buyers, according to O’Neil. “My market in Richmond, Virginia is still fairly competitive due to the lack of inventory,” she said. “However, I’m hearing from realtors and loan officers across the country that many are seeing a shift where listings are starting to sit a bit longer and it’s becoming more of a buyers’ market.”
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