The number of first-time home buyers has fallen significantly since 2008. According to Fannie Mae National Housing Survey published, July 2014, the number of millennials living with their parents has increased nearly 15% since the end of the Great Recession. Overall The Homeownership rate is down from the all-time high of 69% down to 63.7% according to the most recent U.S. Census Bureau report.
Millennials grew up watching the great recession devastate their communities and it is understandable that they have been hesitant to enter the ranks of homeownership. There’s a strong indication that millennials are ready to become homeowners, Millennials understand the long-term value of owning a home. According to Fannie Mae below are a the top 5 reasons why;
Having control over what you do with your living space 93%
Having a sense of privacy and security 90%
Living in a nicer home 81%
Feeling engaged in your community 75%
Having flexibility in future decisions 53%
Millennials like many generations before them will start family and enjoy the benefits of homeownership Real estate is a valuable asset according to world famous investor Warren Buffet “for a great many people,” particularly for families that plan on being in the same location for many years, He recent told CNBC: “If you know you’re going to live in a given area or think it’s very likely, for a considerable period of time and you’ve got a family, the home is terrific.”
5 home buying tips for Millennials
GET PRE-APPROVED FOR A MORTGAGE SO YOU KNOW YOU’RE SHOPPING FOR THE RIGHT HOME PRICE RANGE AND YOU HAVE A STRONG OFFER.
FIND A GOOD REALTOR® JUST LIKE ANY OTHER SERVICE YOU SHOULD ALWAYS INTERVIEW 3 AND PICK THE ONE YOU ARE MOST COMFORTABLE WITH.
TAKE YOUR TIME AND DON’T GET OVERWHELMED. ASK QUESTIONS AND RESPOND QUICKLY TO YOUR HOME BUYING TEAM.
DOCUMENT ALL DEPOSITS INTO ALL BANK ACCOUNTS, PAY DOWN CREDIT CARD DEBT, PUT MONEY ASIDE FOR CLOSING COSTS.
WHEN YOU FIND A HOME ORDER A PROFESSIONAL HOME INSPECTION AND FOLLOW THE INSPECTOR THROUGH THE HOME.
If you would like to get a conditional Pre-approval on your phone in just a few minutes Just go to www.Mortgageone.com