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| First-Time Homebuyers Are Knocking: Are They Being Let In? |
| By Suzanne De Vita |
First-time homebuyers are eager to enter the housing market. Getting in the door is another story. First-time homebuyers accounted for 34 percent of sales this year, less than the 35 percent share in 2016 and off an average 39 percent historically, the NAR 2017 Profile of Home Buyers and Sellers shows. First-timers bought costlier, but smaller homes than in 2016, at $190,000 and 1,640 square feet. The kicker? Many first-timers are in a position to purchase, says NAR Chief Economist Lawrence Yun, but still shut out. "The dreams of many aspiring first-time buyers were unfortunately dimmed over the past year by persistent inventory shortages, which undercut their ability to become homeowners," Yun says. ...
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It can seem like having a small home is a liability. After all, there's a certain feeling that homebuyers are always looking
