There's been a rise in young homebuyers in Pennsylvania and the number one reason for buying was that they've had enough of renting
There’s been a rise in young homebuyers in Pennsylvania and the number one reason for buying was that they’ve had enough of renting.
Data from the Pennsylvania Association of Realtors shows that those under 50 made up more than half of buyers in October; and a 30-year mortgage is the preferred financing option for 60% of them.
The share of buyers of all ages opting for a 30-year mortgage also increased said PAR president Kathy McQuilkin.
“Overall 47% of all buyers reported using a 30-year mortgage to finance their home, which is the highest reported share of homebuyers using that financing in the life of our Welcome Home surveys," she said.
Homebuyers said that financing questions are the biggest source of stress when buying a home, along with paperwork and selling their old home.
"In the last year, we've seen more and more buyers lament the volume and speed with which paperwork needed to be completed," McQuilkin noted. "Buyers are also worried about timing the sale of their previous home. The increase in this appears to be a symptom of a more challenging market for buyers, where lower inventory and rising demand increase the pace of the buying process."
Data from the Pennsylvania Association of Realtors shows that those under 50 made up more than half of buyers in October; and a 30-year mortgage is the preferred financing option for 60% of them.
The share of buyers of all ages opting for a 30-year mortgage also increased said PAR president Kathy McQuilkin.
“Overall 47% of all buyers reported using a 30-year mortgage to finance their home, which is the highest reported share of homebuyers using that financing in the life of our Welcome Home surveys," she said.
Homebuyers said that financing questions are the biggest source of stress when buying a home, along with paperwork and selling their old home.
"In the last year, we've seen more and more buyers lament the volume and speed with which paperwork needed to be completed," McQuilkin noted. "Buyers are also worried about timing the sale of their previous home. The increase in this appears to be a symptom of a more challenging market for buyers, where lower inventory and rising demand increase the pace of the buying process."
