Welcome back first-time homebuyers! As quoted by Lennar Corp. Chairman and CEO Stuart Miller during a second quarter investor conference call. First-time homebuyers are coming back to the marketplace.
“We are starting to see the first-time homebuyer come back to the marketplace. But from a basically very flat level of virtually nonexistent first-time homebuyer to some beginnings of improvement, it feels a lot better…. But they’re not jumping into the market, still constrained by the mortgage market. You’re seeing some pricing power, and the first-time buyer is probably the most sensitive group to price increase and interest-rate fluctuation. So I think it’s going to be a push-and-pull program for some time to come, as pricing power continues to be pretty strong.”
-South Florida Business Journal July 3-9 2015