Housing Market Sees Fewer First-Time Homebuyers

The video discusses the housing market trends from 2020 to 2021, highlighting record low mortgage rates due to the pandemic, which led to increased home prices and equity. It then covers the rise in interest rates over the past year, driven by the Federal Reserve's efforts to control inflation, impacting potential home buyers. The challenges faced by first-time home buyers, including increased age and longer selling times, are also addressed. Despite these challenges, the video suggests there are opportunities in the market due to reduced competition and price drops.

What was the record low monthly average mortgage rate in December 2020?

• 3.5%

• 2.65%

• 2.85%

• 4.0%

How much did the average price of a new home increase from 2020 to 2021?

• $62,700

• $50,000

• $453,700

• $391,000

What is the current approximate mortgage rate after the increase over the last 12 months?

• 6%

• 5%

• 8%

• 7%

What percentage of home buyers were first-time buyers this year according to the National Association of Realtors?

• 50%

• 34%

• 26%

• 40%

What is one reason experts believe there is hope for buyers in the current market?

• More price drops are occurring

• Homes are selling faster

• Interest rates are decreasing

• Inventory is increasing