Millennials are dominating the homebuyer market and changing the market for going on the second year in a row – and these exciting changes are sure to do great things for real estate in the coming years!
With more jobs on the horizon and more focus on establishing financial success before marriage, the real estate market has continued to see a boost thanks to this growing group of new buyers. According to the National Association of Real Estate, millennials are making up about 32% of the buying market, which is majority over all other buyer groups. This is proving beneficial to everyone in more ways than expected – it is boosting our economy and driving home values up!
Want to know where to start before buying your first property? The Mendelsohn Group can help point you in the right direction! Follow these helpful tips for millennial home buyers:
1. Seek help from a professional agent you can trust.
Speaking to an agent about specific budgets and goals can help set you up for the best plan of action, and what is best suited for you. The years of industry a realtor can provide you with is worth the costs and can help expedite the process.
- Reach out to elders and mentors with experience for advice.
There is no greater value than getting advice from people who have been in your situation. They can help you navigate what mistakes to avoid and even give some tips on things like loans and interest rates.
- Research and narrow down the type of housing and neighborhood works best for you.
Having a strong grasp on exactly what you are looking for can help save a lot of time and stress down the line. This is especially crucial if you plan to use this property as an investment—things like proximity to major landmarks, school districts, and value of the neighborhood can pay off later on when you go to sell.
- Fully prepare for short and long term expenses.
While upfront costs to purchasing can seem quite obvious, home-buying can come with a lot of unpredictable charges. There may be home owner’s association fees and unexpected repairs involved, so make sure to save and prepare for these potential road blocks.
- Take your time.
There is no need to rush this process. It is a very rewarding thing to be able to purchase a first home, and it takes a lot of courage to commit! Once you commit to your decision, make sure to not get caught up in the hustle of finding the place you are looking for. Make sure it has what you are looking for and you are absolutely happy with your decision!
If you have any questions, or are looking to make this exciting move in the next few years, Revi would be happy to talk you through this process! Call or email anytime for more tips and advice to help you reach your home buying goals!
