When Kassi Horton’s husband, Army Staff Sgt. Shaun Horton, received a cross-country change in assignment in the midst of a pandemic, she knew their home-buying process would be atypical. Search homes for sale Flying Horse Colorado Springs at http://www.rehava.com
Ms. Horton, 27, and Sergeant Horton, 28, had been living in a rental in upstate New York and felt it was time to finally purchase their first home in their new location, Colorado Springs. But they didn’t want to deal with the health risks and quarantine rules involved with flying back and forth to look at properties. And they didn’t have the luxury of travel time anyway. The housing market in Colorado Springs, like many cities across America, is currently white-hot. Homes are selling in hours after hitting the market, often at 20 percent above the asking price.
Will you Offer on a Home You Have not Seen?
So they jumped on an increasingly popular bandwagon for first-time buyers and made an offer on a home they had never seen in person. Eight more offers followed. For the Horton’s, the ninth time was the charm. In late January they moved into a new three-bedroom, two-bath home that they purchased entirely online.
A change in assignment for Army Staff Sgt. Shaun Horton led him and his wife, Kassi, to move from upstate New York to Colorado Springs, Colo. In January, they bought their first house, and they did it entirely online.
Low Interest Rates and Low Inventory
Record-low mortgage rates and a drastically low housing inventory, created by societal shifts from the coronavirus pandemic, have raised the stakes on the housing market in many places. However, even with competition that is fierce and the process often confusing, first-time buyers seem determined to enter the market. Some are accelerating long-established plans for home ownership.
The share of first-time buyers in the housing market reached 36 percent in April 2020, according to the National Association of Realtors. That is up from 31 percent in 2018 and 2019. Those buyers were older — the median age of a first-time buyer in 1981 was 31, today it’s 34.
Millennials the Largest Pool of Buyers
Millennials — generally defined as those born between 1981 and 1996 — represent the largest contingent of home buyers in the United States. This is despite the fact that millennials are also much more likely to have lost work or have entered the gig economy because of the coronavirus pandemic, factors that make it harder to qualify for a home loan.