Every spring, for-sale signs pop up like daffodils, beckoning potential first-time homebuyers. The real estate brokerage Redfin reports the median sale price of a New Jersey home topped $421,000 in January. And with mortgage interest rates pushing 7%, what can a first-time buyer expect?
Last year, only 26% of U.S. homes sold went to first-time buyers. But, said Robert White, president of New Jersey Realtors. “The dream of home ownership is out there. They will get the opportunity. They’re just going to have to be a little bit more patient,” According to White, “2023 is going to be a difficult year in real estate … because we’re not going to see any increase in inventory.” White, who predicts a pretty flat market, said he’s seen a change in first-time home buyers. “There’s some that are saying, OK, you know what? Let’s put the brakes on, let’s wait. We’re in no rush.”
