Industry NewsMarkets & Economy

First-timers worry about jobs, credit

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Most prospective first-time homebuyers know interest rates are low and believe that homes are affordable. But nearly half don't know about the $8,000 tax credit available to first-time homebuyers through the end of November, and three in four say it's hard to get a loan. Those are some of the key findings of a survey of 1,000 prospective first-time homebuyers conducted in early March for Century 21 Real Estate LLC. Only people who said they were likely to buy a first home in the next two years were included in the survey, with about one in four saying they planned to purchase in the next six months. While 42 percent of those surveyed said they'd be comfortable buying a home in the current market, 48 percent said they are waiting for prices to go down further. Among renters, 91 percent said they would be likely to buy a home in the next six months if they found an acceptable home with monthly mortgage payments within $250 of their current rent. About 85 percent of all of...