N.A.R Reports First-Time Buyers Hit Historic Low

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First-Time Buyers: N.A.R Reports  Hit Historic Low

The share of First-Time Buyers has dropped to a historic low of 24%, down from 32% just a year ago, as First-Time Buyers face skyrocketing home prices and mortgage rates. This shift has also led to an increase in the average age of homebuyers, now at a record 56 years overall, with First-Time Buyers now averaging 38 years old, up from 35 last year.

According to the National Association of Realtors’ latest report, household incomes have risen, with First-Time Buyers earning a median of $97,000, and repeat buyers at $114,300. Despite these higher incomes, many First-Time Buyers are relying on family support, with 26% of purchases made in cash, the highest in recent years.

The survey also highlights that more First-Time Buyers are choosing multigenerational homes, with 17% opting for these properties to save costs or care for aging parents. This trend reflects the challenges First-Time Buyers face in today’s market, as affordability concerns grow.

As the housing market continues to shift, First-Time Buyers still rely heavily on real estate agents to navigate these transactions. The report notes that 88% of First-Time Buyers used agents to help manage the process. Agents are particularly vital for First-Time Buyers who are new to the complexities of homeownership and may need additional guidance.

The difficulties for First-Time Buyers are multifaceted, with high prices and mortgage rates making it tougher than ever. Yet despite these challenges, First-Time Buyers are making efforts to enter the market, though some may delay their purchases until conditions improve.

In summary, First-Time Buyers are finding the current market particularly challenging, with financial barriers and changing preferences such as multigenerational homes adding to the mix. The real estate market may continue to evolve, but First-Time Buyers will remain an important segment as they look to establish themselves in homeownership.

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Offerpad Beats Sales, Trims Guidance

Technology real estate company Offerpad (NYSE: OPAD) delivered a mixed bag of results for Q3 2024. The company exceeded Wall Street’s revenue expectations, posting $208.1 million in sales, a 1.7% beat over forecasts. However, sales were down 11.2% compared to last year. The company’s loss per share was $0.49, slightly better than expected but still a significant miss.

Looking ahead, Offerpad’s guidance for Q4 2024 fell short, with projected revenue of $172.5 million, 19.6% below analysts’ estimates. Despite that, its free cash flow showed improvement, coming in at $38.7 million, a notable turnaround from the negative figure last year.

CEO Brian Bair emphasized progress in its asset-light services and partnerships, but the company’s growth outlook remains uncertain. Homes sold dropped 88 year-on-year to 615, continuing a trend of suppressed demand.

Offerpad’s stock rose 1.5% after the results, trading at $3.32 per share, but analysts remain cautious given the challenging market environment.

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Ride Discounts Offered for Election Day

If you need a lift to the polls on Tuesday, several transportation companies are offering discounts. Uber and Lyft are both providing 50% off rides, up to $10, with Uber’s “Go vote!” option and Lyft’s promo code VOTE24. Lime is offering two free 30-minute rides on scooters and bikes with the code VOTE2024. Bird and Spin are also offering free rides with the code ROCKTHEVOTE2024 in select areas. Additionally, Hertz is giving a free day of car rental with a two-day paid rental.

Look for other local public transit deals too! Be sure to check your city’s services for free bus or light rail rides to voting locations.

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