First-Time Homebuyers Undeterred by Rising Mortgage Interest Rates
14 Setembro 2023 - 9:30AM
Business Wire
In a recent survey of first-time homebuyers released today by
PulteGroup (NYSE: PHM), one of the nation’s largest homebuilders,
respondents were resoundingly clear that achieving the dream of
homeownership was not going to be derailed by the current mortgage
interest rate environment.
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Conducted during summer 2023, the survey sought the opinions of
PulteGroup customers who purchased their first home in the past 12
months. Given rising mortgage interest rates over the past year,
the survey sought to better understand first-time homebuyer
motivations and the considerations they faced. Specific findings
include:
- When asked why they purchased their first home recently, the
answer was simple: because they wanted to. Either the desire to
stop renting or recognition that homeownership is a smart financial
investment was the main motivator for 72 percent of
respondents.
- “Overall value” was the primary reason for choosing new
construction over resale for 75 percent of respondents, whereas
only five percent indicated low resale inventory as the
reason.
- Higher mortgage interest rates did not deter their purchase,
but 55 percent of respondents said it did impact certain decisions.
For example, 35 percent of that group said they bought a smaller
home than they originally planned, 27 percent said they included
fewer options and upgrades and 26 percent said they bought in a
different location.
- With 95 percent of respondents using mortgage financing to
purchase their home, 72 percent said they paid for their down
payment through savings, with 10 percent saying they were able to
use a gift from family members, and five percent used government
down payment assistance. Of the 11 percent who indicated they used
other sources, respondents cited sources such as VA loans or
borrowings against 401k savings.
“First-time homebuyers can be more severely impacted by higher
mortgage rates, so ongoing strong demand among this buyer group has
been a positive development as 2023 has progressed,” said Matthew
Koart, PulteGroup Executive Vice President and Chief Operating
Officer. “This buyer group appreciates the financial benefits of
homeownership and remains ready to buy. The availability of high
quality, newly constructed homes supported by innovative incentive
programs has helped sustain, and in some markets accelerate,
first-time homebuyer sales.”
Conducted over a three-week period in June and July, survey
results were based on responses from 556 PulteGroup first-time
homebuyers who closed on their home purchase within the prior 12
months. PulteGroup offers homes to first-time buyers across its
brands, including Centex, which helps first-time homebuyers put
themselves in a better place. Centex builds consumer inspired homes
and communities that balance smart design and affordability with a
friendly, enjoyable buying process that includes access to
favorable financing options and other incentives. For more
information about Centex, visit centex.com.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one
of America’s largest homebuilding companies with operations in more
than 40 markets throughout the country. Through its brand portfolio
that includes Centex, Pulte Homes, Del Webb, DiVosta Homes,
American West and John Wieland Homes and Neighborhoods, the company
is one of the industry’s most versatile homebuilders able to meet
the needs of multiple buyer groups and respond to changing consumer
demand. PulteGroup’s purpose is building incredible places where
people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup
brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com;
divosta.com; jwhomes.com; and americanwesthomes.com. Follow
PulteGroup, Inc. on Twitter: @PulteGroupNews.
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version on businesswire.com: https://www.businesswire.com/news/home/20230914701019/en/
Macey Kessler 404.978.6414 macey.kessler@pultegroup.com
PulteGroup (NYSE:PHM)
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