80% of Millenials Want to Buy a Home, so what's the problem?

By
Mortgage and Lending with Fairway Independent Mortgage, LLS. Equal Housing Opportunity. Regulated by the Division of Real Estate. LMB100023827. NMLS257576.
http://activerain.com/droplet/558B

It wasn't long ago we were reading statistics that showed most young people preferred to rent and NOT own. They had watched too many of their friends and family go through the foreclosure nightmare caused typically from a down market. Even though we've survived that bubble, NAR's 2017 Home Buyer and Seller Generational Trends Report indicated that among all sellers last year still 12% wanted to move earlier than they did, but couldn't because their home value still was less than they owned. Current upward housing market trends would suggest more motivated sellers may be encouraged to sell giving some relief to the low inventory some parts of the country are experiencing.

It would seem the national housing market has redeemed itself and once again the youngin’s, ages 36 and under referred to as Millennials, are representing 66% of all first time homebuyers. Sounds great, right? But what could that number have been if they were actually prepared to buy - you know, have saved up a down payment for one.

Headlines like this one should grab your attention.

Colorado Home Lender

In the "good 'ole days" 20% or more down was pretty much a prerequisite of buying a home. As the headlines suggest, many of today’s first time homebuyers are in a position of looking for "down payment assistance" programs. These programs differ by state or county or even cities sometimes. Colorado home lenders, if approved to participate, can offer down payment assistance programs in the form of either grants (no repayment required if qualified) or seconds, often silent which means repayment isn’t due until the homebuyer eventually sells their home. *

So, if you are either working with a Millennial, or are a Millennial and know it’s time to invest in your own home, but fall in the 80% category of not having saved a down payment, do your research. Ask your Real Estate agent to refer a home lender that is approved to offer down payment assistance programs. Don’t let a down payment keep you from investing in your future.

 

*Requirements and restrictions apply. Contact your local COLORADO HOME LENDER for details.

Posted by

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.

Ruth Vogt Colorado Mortgage Lender Ruth Vogt, Sales Manager

 #LMB100023827, NMLSR# 257576

 Equal Housing Opportunity. 

 Regulated by the Division of Real Estate.

   www.ColoradoHomeLender.com

   ruthv@fairwaymc.com  303-881-7849.

 

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Topic:
Home Buying
Location:
Colorado El Paso County
Groups:
Financing Friday
ActiveRain Contests
Tags:
renters
home buying
home loans
millennials

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Rainmaker
3,433,141
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

In my area I find that the Mil's do not want to give up luxury for a short term to get what they want.

Jun 01, 2017 06:36 PM #1
Rainer
256,629
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Interesting.  Conventional wisdom has been that Millinials don't do home ownership.  That's good news.

Jun 01, 2017 08:00 PM #2
Rainmaker
3,344,265
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ruth, I am seeing more 20 somethings buying their first home, and many have been in the military, and using the VA loan, needing not much cash to get into their first home.

Jun 03, 2017 07:32 AM #3
Rainmaker
423,074
Pat Starnes, Brandon, MS
Front Gate Real Estate - Brandon, MS
Broker Associate, ABR, 601-278-4513

I closed with a millenial couple last Friday, on a new construction home no less! It's great to see these young families embrace home ownership while preparing for their financial security.

Jun 03, 2017 03:12 PM #4
Rainmaker
611,763
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Very good post Ruth, there ARE programs out there that can help with the downpayment, and depending on the area,  it might be less expensive to buy than to continue to pay ridiculously high rents, too.

Jun 12, 2017 04:38 PM #5
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Rainmaker
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Ruth Vogt

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