Why Millennials Are Finally Buying Homes And What They're Looking For
The homebuying market is in a constant state of transition. For those who have been looking for homes for a long period of time, you know just how frustrating the changing climate can be. It can seem almost impossible for millennials to purchase a home, a dream most young adults have. But with rising rates, stagnant salaries, and a looming recession on the horizon, millennials have yet to back down from participating in the market. Millennials are finally being seen buying the homes of their dreams. This blog will detail exactly what they're looking for.
Mortgage rates are rising by the day, but the prices of homes have finally started to lighten up. Mortgage rates seem high compared to what they were back in 2020, but this is purely because of economic factors due to the pandemic. If you compare the current mortgage rate to the past 10-year trend, it becomes a lot less scary!
When the pandemic first hit, workers moved out of the city to seek cheaper real estate, a slower lifestyle, and take full advantage of remote work. For millennials who are hoping to take advantage of nightlife and the ability to socialize that has been taken away from them for the past three years, cities are becoming more and more enticing.
Since so many apartment buildings and townhomes became empty during COVID, there is an influx of inventory for potential buyers to take advantage of. Millennials love options, and this is exactly what they are getting in cities when it comes to the real estate market!
Many millennials are first-time homebuyers, making them eligible for home-buyer credits. Depending on the state, first-time homebuyers can take advantage of very generous credits aimed at encouraging younger individuals to move to towns and cities and start families, take advantage of school systems, and contribute to taxes.
Millennials are crafty and resourceful, making old and cheap homes attractive to these kinds of homebuyers. Handy individuals are able to renovate homes and re-sell them at higher prices down the road, or make them into the space of their dreams. While older individuals might not be up for the challenge, millennials are certainly ready to place a bid on a fixer-upper!
Online house hunting is also on the rise and a key perk millennials look for. This helps homebuyers save time touring homes and searching for properties in desirable areas. Millennials are all about convenience and speed, so if homes are available for virtual tours and remote bidding, they will be more attractive to this market of homebuyers!
If you are ready to start your homebuying journey with professionals who will cater to exactly what you want, contact VSells & Associates today for specialized guidance on purchasing in Howard County!
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Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.