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The 2024 ServiceLink State of Homebuying Report highlights generational preferences and trends from today's homebuyers
PITTSBURGH, March 12, 2024 /PRNewswire/ -- Gen Z and millennials are optimistic, eager and ready to buy a home. Relatively high mortgage rates and lower income levels aren't stopping their plans to become homeowners in 2024.
A new report released today from ServiceLink, the nation's premier provider of tech-enabled mortgage services, analyzes generational trends among today's homebuyers, revealing their sentiment about the current housing market and their intentions to purchase, refinance and leverage home equity this year. Now in its fourth year, the 2024 ServiceLink State of Homebuying Report (SOHBR) features insights from homeowners who either purchased a home or tried to purchase a home within the past four years and focuses on yearly trends that provide valuable insights for lenders, servicers, investors and buyers alike.
"This is an interesting and pivotal moment in the housing and mortgage industries as the younger generations are not only determined to buy but are seemingly undeterred by the higher price tags and interest rates," said Dave Steinmetz, president of origination services, ServiceLink. "Our study suggests that Gen Z and millennials are poised to impact the market in several ways including purchase, refi and home equity, which is an opportunity for lenders to educate and usher these younger buyers through the process."
Key findings of the report include:
Eagerness to buy: Younger generations plan to purchase a home in 2024
Tolerance for higher rates: There is a strong correlation between generations and the highest interest rate they would accept for a new 30-year mortgage
Reasons to refinance: Many homeowners are looking to reduce their current rate
Equity is rising: But fewer people plan to tap into it this year
Auction is having its moment: Gen Z and millennials are interested in this alternative route to homeownership
Market complexities: Some 'would be' homebuyers abandoned the process in the last year, but plan to try again
Mortgage technology: Popular among all generations
Read the full report here.
Methodology
ServiceLink partnered with Sago to complete an online survey of potential respondents who purchased a home, or tried to purchase a home, in the past four years. A total of 1,519 respondents completed the survey. The respondents were made up of equal parts male and female, as well as equal distribution between all four homebuying generations. Interviewing was conducted by Sago from November 29, 2023, to December 11, 2023.
About ServiceLink
ServiceLink is the nation's premier provider of digital mortgage services to the mortgage and finance industries. ServiceLink leads the way by delivering best-in-class technologies, a full product suite of services and proven experience, built on a foundation of quality, compliance and service excellence. ServiceLink provides valuation, title and closing, and flood services to mortgage originators; and default valuation, integrated default title services, vendor invoicing and claims audit services, as well as field services and auction services to mortgage servicers. ServiceLink helps clients in the lending industry and beyond achieve their strategic goals, realize greater efficiencies, and better serve their customers. For more information about ServiceLink, please visit svclnk.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/servicelink-survey-reveals-gen-z-and-millennials-are-ready-to-make-their-move-302085470.html
SOURCE ServiceLink
Copyright 2024 PR Newswire
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