Morning Minute: Return of the first-time homebuyer

Changing economic conditions could be the catalyst that prompts more first-time homebuyers to take a look at the housing market, according to a new report, “The Return of the First-Time Buyer” from the financial services company Barclays, HousingWire reports.

In the report, Barclays analyst Steven Kim points to three reasons why first-time buyers might decide that now is the time to buy: Job growth is improving, credit is more accessible to new buyers and homes are still affordable. One of the biggest hurdles for first-time buyers, however, is student debt load, according to Kim’s research. Read more from HousingWire.

In Illinois, first-time homebuyers might find the path to homeownership a little easier with the new Welcome Home Illinois loan program. First-time buyers can qualify for $7,500 down payment assistance and a below-market interest rate on their mortgage. Learn more at Welcome Home Illinois.

In other headlines:

Jobless rate falls to 6.3% as economy adds 288,000 jobs in April – Chicago Tribune

Americans ready to spend money…especially on housing – HousingWire

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.