CHAPEL HILL, N.J. (7/20/15)--In recent months, first-time homebuyers have remained largely absent from the housing market, but that trend is beginning to shift, according to new research released.
The research found that nearly 1 in 5 potential first-time homebuyers are actively looking to purchase a home, and that nearly two-thirds would prefer to come up with a “sizable” down payment of at least 20%.
The research also found that 62% of first-time buyers believe they will purchase a home within two years, and, when broken down by millennials, that number climbs to 67%.
"It's encouraging to see interest from the first-time homebuyers, who have been cautious for much of the housing recovery," said Scott Haymore, head of pricing and secondary markets for TD Bank, which executed the study. "Consumers are gaining confidence in the economy and many are looking to enter the housing market within the next two years."
Additional numbers from the research: