Millenials Have Great Homebuying Tools Available To Them

By
Real Estate Agent with Steinberg Realty Group 9079562

Millenials Have Great Homebuying Tools Available To Them

Millennial home buyersThe economy seems to be finally turning, and home loan interest rates are still historically low. Real estate values are starting to climb as well, all of which makes for a growing opportunity for new homeowners to get into the market before it gets too expensive again. However, Millennials don’t seem to be on board. They represent the next generation of homebuyers, but a number of barriers can seem to be smack in the way, discouraging many. Yet there are ways around these issues.

According to the Boston Globe, only 32 percent of Millennials are homeowners in 2014, either with a house or a condominium. A number of factors contribute to this situation, and the big issue is finding a viable career. The general unemployment rate for young people is at 16 percent nationwide, almost double the regular average for all ages combined. Add in the fact that many have large student loans eating up what income is earned in loan payments, and that doesn’t leave much for saving into a down payment or a mortgage payment. In fact, one out of three college graduates right now has moved back in with the parents.

The career-chase situation is not a new one. The previous bunch, Generation X, experienced the same thing in the early 1990s with just as high an unemployment rate. The big takeaway from their experience is that the dip and labor famine is temporary. Most Generation X folks now are well-employed and living in regular, affordable homes across the country.

Further, some very helpful tools are still available for new buyers:

  • Any homebuyer with military status can take advantage of Veterans Administration loans with far better rates than the normal market, making mortgage payments cheaper.
  • Those buying in rural areas can take advantage of rural homebuyer’s assistance programs provided by the U.S. Department of Agriculture to help people move to small towns and similar communities.
  • The Housing and Urban Development Agency provides HUD loans that make it very affordable for those with limited income to purchase HUD-owned homes as first-time buyers and get into real estate.
  • And the current market still has plenty of quality used homes from prior foreclosures that are marked well below their real value to move these units in sales.

Of course, the big response from Millenials is how do I earn more to even get started. Like Generation X folks before them, Millenials can’t wait for a job to be made available on a platter. While looking, many smart folks have started their own businesses on the Internet. If a current job is enough to cover current bills, a second income can be entirely dedicated to saving, which can generate thousands of dollars quickly. Even a part-time second job that creates $1,000 a month produces $12,000 a year and in two years enough for a sizable down payment.

Don't give up, but definitely try smarter. For more information you can contact your local professional real estate agent.

Posted by


 

Laurie Steinberg(R)

508 922 2340

Lsteinberg@kw.com

www.steinbergrealtygroup.com

 

 

Laurie Steinberg is a top sales agent at Keller Williams Realty based out of Easton Massachusetts.  

Laurie has become known for her “Out Of The Box Marketing” style and approach that helps her sellers get their homes sold fast and for the most amount of money, while also helping her buyers with top of the market negotiating skills and being able to get her buyers available listing as soon as possible making sure her buyers don't lose their dream home.

 

Laurie Steinberg has over 15 years experience in Residential Real Estate Sales. Servicing Plymouth, Bristol & Norfolk Counties and specializing in the Bridgewater's, Middleboro, and Raynham Towns. Laurie holds her Accredited Buyer Representative Designations, Certified Distressed Property Designation, and has mastered Internet Marketing. Laurie also has been known for having one of the best Marketing and Selling Plans in the area. Laurie stays up to date with current technology and is always taking new courses/ classes to learn more about the local area markets and how to be the best Realtor(R). Laurie is committed to giving exceptional, professional and friendly service combined with great customer service that will build a relationship that will last a lifetime. Laurie’s goal is to meet and exceed all her clients expectations. in the Bridgewater's, Middleboro, and Raynham Towns.

 

Laurie is a mother of 2 girls and was born and raised in Bridgewater Ma, Laurie raised her children in Middleboro where they lived for 15 years and now reside back in Bridgewater, living in these areas has giving Laurie the knowledge she needs to help all her clients needs.For a custom market evaluation Click here

For an isntant market estiate Click here

To search all homes for sale Click here

 

 

Comments (2)

Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Laurie - Very good post. Based on my experience, those that really want a home will find a way. Those that say they want a home, but don't take the proper steps, or making the effort, are just kidding themselves.

Jan 30, 2015 10:45 AM
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

One of the things I'm noticing is that a few people are just a bit nervous about taking the plunge into home ownership. Those who jump in are finding that the water is fine.

Feb 11, 2015 08:46 AM

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