July 5, 2019 rummy 0Comment

They may have taken longer than previous generations to finally decide they are ready to buy their first homes, but we are now seeing more and more interest from these young generations online and in social media.

According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.

All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.

Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in their careers prior to making such a large purchase. Lawrence Yun, NAR’s Chief Economist, recently commented,

“Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts.”

In some areas of the country, high competition in the starter home market forces young buyers to wait longer. The extra money they save during that time opens their search to bigger, more expensive homes.

If this trend continues, older millennials will skip the starter home altogether, going straight to a trade-up or premium home instead.

If you are one of the many young renters planning on buying your first home soon, meet with a local real estate professional who can help determine what type of home will best suit your present and future needs.

Reblogged from: http://bit.ly/2xzj2og

 

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Rummy Dhanoa - Broker with New York Real Estate Experts