Nearly three in four first-time homebuyers are optimistic about the current housing market, according to a new survey by TD Bank. The survey also found that nearly all respondents—roughly 97%—said they have started taking initial steps in the homebuying process.
The survey found that with home prices dropping slightly since last year’s high, 40% of respondents said that right now is a good time to buy a home. More than three quarters (78%) of first-time homebuyers said their personal financial situations are in stable condition in 2024, with 40% of respondents planning to spend $300,000 or more on a home, up 9% from last year. Still, nearly two-thirds (63%) of respondents cited rates as a concern about their ability to afford a home in today’s market. “This is down just 1% from last year, revealing that despite optimism, interest rates remain a top concern for those looking to purchase a home,” according to TD Bank.
