Millennials don't think qualifying for a mortgage is 'very difficult'
Tackling millennial hurdles has been top of mind for the mortgage industry as it aims to attract the largest cohort of homebuyers. But the youngest non-homeowners have the smallest share claiming that qualifying for a mortgage will be a big challenge, according to the National Association of Realtors.
Only 21% of consumers 34 and under believe that qualifying for a mortgage will be "very difficult," according to NAR's fourth-quarter Housing Opportunities and Market Experience Survey. Comparatively, that figure was 48% for consumers between the ages of 55 to 64.
By region, the largest percentage of Americans believing a mortgage qualification is "very difficult" to achieve was in the South, at 35%. It was smallest in the Northeast, which had a share of 23%.
Approximately 73% of people report that now is a good time to sell a home, which is the lowest this figure has been since the fourth quarter of 2017. About 27% said it is not a good time to sell.
About 63% of consumers believe it's a good time to buy a house, which is the lowest this share has been since this data became available in 2015.
"Consistently fast-rising home prices well in excess of income growth over recent years have left buyers frustrated while slowly enticing would-be sellers to consider listing," said NAR Chief Economist Lawrence Yun in a press release.
While home prices continue to rise, their acceleration rate seems to be slowing. About 63% of consumers claimed property values went up in the past 12 months, a decline from 70% during the third quarter.