Top markets for first-time homebuyers and HELOCs on the rise

Here’s what you need to know ͏ [Better] [Better]( Homebuyers Homebuyers Top 10 real estate markets for first-time homebuyers in 2023 With both home values and interest rates staying stubbornly high in recent months, homebuyers have been feeling the squeeze. And that’s especially true for first-time homebuyers, who tend to be younger and have less purchasing power. NAR reports that the average age of a first-time homebuyer is 36.¹ Despite these challenges, it doesn’t mean that all younger Americans are staying on the sidelines. Instead, many are finding more affordable markets to make their first purchase. Realtor.com recently did released their list of The Best Markets for First-Time Homebuyers in 2023.² They ranked cities and towns based on qualities that appeal to first-time homebuyers, including: - A measure of affordability, estimated by the ratio of listing prices to gross incomes of 25 to 34 year olds in that city. - The average commute time to work. - A measure of the amenities in an area, estimated by the count of food and drink establishments per 1000 households in the city’s surrounding metro area. 01 Portsmouth, VA 02 DeForest, WI 03 Windsor Locks, CT 04 Gloucester City, NJ 05 Moore, OK 06 Magna, UT 07 Eggertsville, NY 08 Watervliet, NY 09 Mattydale, NY 10 Somersworth, NH Home Inspection 🔎 Home Inspection 🔎 What’s the most common first step homebuyers take? - Get pre-approved to know their budget - Look at houses online - Talk to a real estate agent - Put in offers Find the answer at the bottom of this email. Better Mortgage Skip the waiting and worrying with One Day Mortgage³ [Let's go]( → Better Mortgage Skip the waiting and worrying with One Day Mortgage³ [Let's go]( Homeowners Homeowners More homeowners are choosing HELOCs Homeowners who locked in a low rate in the last few years are wary of refinancing at a higher rate, even if they need the cash. So it makes sense that many are turning to a Home Equity Line of Credit (HELOC) to turn their home equity into cash without changing their existing mortgage rate. A recent survey showed a 41% increase in HELOCs in the third quarter of 2022.⁴ The real estate boom of the past few years has left homeowners with a lot more home equity. They can now turn this equity into cash to: 🏡 Renovate home to boost its value 🏡 Consolidate high-interest debt 🏡 Medical bills 🏡 Stash money in a college fund 🏡 Pay for big ticket items at a lower rate than high-interest credit cards Better Mortgage Our new Digital HELOC Fast online approval. [Learn more]( Better Mortgage Our new Digital HELOC. Fast online approval. [Learn more→]( Home Inspection 🔎 Home Inspection 🔎 What’s the most common first step homebuyers take? - Get pre-approved to know their budget - Look at houses online - Talk to a real estate agent - Put in offers [Source]( 🔥 Hot tip Before you even start looking at homes online, get pre-approved so that you know: - Your homebuying budget - Your personalized rates - A dedicated Loan Consultant to answer questions Better Mortgage Get pre-approved in minutes online [Learn more]( Better Mortgage Get pre-approved in minutes online [Let's go→]( 1[Source]( 2[Source]( 3 Better Mortgage’s One Day Mortgage promotion offers qualified customers who provide certain required financial information/documentation to Better Mortgage within 4 hours of locking a rate on a mortgage loan the opportunity to receive a conditional underwriting determination from Better Mortgage within 24 hours of their rate lock. Better Mortgage does not guarantee that a conditional underwriting approval will result in a final underwriting approval. [Terms and Conditions]( apply. 4[Source]( [Better] [Better] [social]( [social]( [social]( [social]( [social]( © 2023 Better Holdco, Inc. and/or its affiliates. Better is a family of companies. Better Mortgage Corporation provides home loans; Better Real Estate, LLC and Better Real Estate California Inc License # 02164055 provides real estate services; Better Cover, LLC provides homeowners insurance policies; Better Settlement Services provides title insurance services; Better Connect, LLC dba Better Attorney Match provides real estate attorney connection services; and Better Inspect, LLC provides home inspection services. All rights reserved. Home lending products offered by Better Mortgage Corporation. Better Mortgage Corporation is a direct lender. NMLS #330511. 3 World Trade Center, 175 Greenwich Street, 57th Floor, New York, NY 10007. 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