The most extreme case was in San Francisco, where luxury sales were up 21.6% while starter sales slipped 1.2%, with 22.2% of starter listings cutting price against 9.4% of luxury listings. Affordability remains a concern underneath it all, as starter homes start at $1 million in many U.S. cities. For loan officers, this means shifting spending and marketing towards places first-time buyers have more purchasing power . First-time buyers are the entry point for the customer lifecycle, from the future refinance to the servicing capture. On the other hand, many first-time buyers obtain Federal Housing Administration-insured mortgages, with lower down payments and credit scores.