The survey shows that first-time homebuyers are often making compromises and co-buying to start owning vs. renting.
Sakchai Vongsasiripat/Getty Images
Are people still looking to buy a home for the first time in thishousing market?
According toOpendoors 2024 First-Time Homebuyer Survey, they arethey’re just going about it a little differently.
Photo:Sakchai Vongsasiripat/Getty Images
Theyre watching mortgage rates and home price predictions fluctuate as sellers remain on the sidelinesat least, for now.
Purchasing a home is a big undertaking, and often difficult to do alone, says Boniakowski.
Co-buying can be challenging to navigate.
The best time to buy is when its right for you and your financial situation, says Boniakowski.
I encourage buyers to focus on what they need and what they can afford.
He also says first-time homebuyers can better understand their purchasing power by noting their monthly income and their debt.
Opendoor’s findings show that a whopping 90% of first-time homebuyers believe the process to be stressful.
After all the stress of going through the process of buying, homeowners are then exhausted.
And about 65% of homebuyers wondered ifbuying a homewas even worth the stress.
Touring all these homes can lead to burnout.
