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Three-quarters of Consumers Optimistic About Housing Market

Interest rates remain top concern for first-time homebuyers

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  • Written by  Banking Exchange staff
Three-quarters of Consumers Optimistic About Housing Market

The majority of first-time homebuyers feel optimistic about the housing market in 2024, despite continued concerns of affordability and interest rates.

TD's Annual First-Time Homebuyer Pulse revealed 74% of first-time homebuyers feel confident about the current housing market.

However, current economic conditions still pose concerns for first-time homebuyers as only 40% of consumers believe right now is a good time to buy a home.

Interest rates remain a top concern for those looking to purchase a home, with 63% of respondents citing rates as a concern about their ability to afford a home in today’s market.

Overpaying fears have also remained, as nearly two-thirds (62%) of consumers have concerns about overspending on their first home in light of increased housing prices over the past several years.

However, homebuyers have remained positive amid lingering concerns as 78% of first-time homebuyers said their personal financial situations are in a stable condition in 2024.

The majority (97%) of consumers have also started to take steps in the homebuying process, with 47% starting to save for a down payment and 38% establishing a budget for their home purchase.

First-time homebuyers are also willing to spend more on their first home — 40% plan to spend $300,000 or more, which is an increase of nine percentage points from last year.

Steve Kaminski, head of US residential lending at TD Bank, said:  “Based on the industry consensus, homebuyers can potentially look forward to rates easing a bit, but the financial steps needed to purchase a home should remain top of mind.”

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