New Jersey Sees Surge in the Number of First-Time Buyers 
First-time home buyers represent a growing share of the home buying population, which is a trend that only accelerated in 2020.
According to CoreLogic Fraud Consortium Loan Application data, the percentage of first-time buyers surged to 39% in 2020, up from 30% in 2016.
Homeowners, and by extension real estate agents, are facing incredible acceleration in finding the dream home. Coupled with rising home prices across the United States and a newly virtualized homebuying experience, prospective homeowners and their agents are grappling with new challenges.
Obviously, the COVID-19 Pandemic produced a demand for agents to invest heavily in the virtual platforms, which played right into the Millennial Culture’s proclivity for digital.
The CoreLogic blog stated, “Interestingly, 10 out of the 20 counties with the highest share of first-time buyers are in the New York Metropolitan area. In fact, the top 4 counties are in New York metro area and each has at least two-thirds of mortgage applicants being first-time buyers.”
What is even more interesting, is that this is one of the few times I remember CoreLogic recognizing the New York Metro region. Something is up.