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First-time buyers want to bypass starter home

WASHINGTON – April 8, 2016 – The inaugural edition of Bank of America’s Homebuyer Insights Report reveals that 75 percent of first-time buyers would rather skip over starter homes and move into the homes that would meet their long-term needs.
Another 35 percent of respondents said they plan to retire wherever they buy. First-time buyers may have set their sights on larger homes because of age and debt, especially as 43 percent of Gen Xers have postponed homeownership until they pay down their debt.
“Today’s aspiring homebuyers want to be selective and believe they should wait until they can afford to buy a home they’ll live in for years to come,” says D. Steve Boland, consumer lending executive for Bank of America.
Among millennials, 32 percent said they would pay down debt before making a home purchase, and 66 percent think they will need their parents’ help to buy their first home.
As for experienced buyers, 75 percent said they made sacrifices to afford the purchase, with close to 50 percent foregoing travel, 37 percent opting not to buy new cars and 32 percent did not add new features to their homes.
Source: National Mortgage News (04/06/16) Passy, Jacob
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Source: Florida Realtors Feed

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