Recently the NAR the association’s chief economist Lawrence Yun quote below:
|
Millennials currently compose 35% of all buyers, which makes them the largest group of home buyers this year (an increase from 32% last year).
|
"While many millennials say they prefer urban living, the rising prices found in downtowns is proving a barrier to buying. Wealthy empty-nesters and foreign investors are fueling competition for a shrinking supply of listings as developers continue to focus primarily on building high-end condos. Furthermore, young buyers with children want good schools and space for them to play.
The story about millennials wanting to live in a city with energy and walkability, that’s still taking place among renters. But as they’re going to the owning stage, we are seeing more traditional homebuying, which is out in the suburbs.”
Northern Virginia has an influx of the millennials due to strong employment in the DC metro area.
Here are the top 5 facts about Millennial's are looking for a home in the Northern Virginia suburbs of Fairfax & Loudoun county:
1. Older Home but Commuter Dream Location- Surprisingly the millennials are not discouraged by the age of the home if that helps to get into a home that is in a good location and it can help them balance their work and personal life.
2. Major Upgrades: Millennials are the busiest generation with a tight budget. They are looking for a home that requires the least amount of work after they close on the home. Major upgrades include: roof, windows, heating and cooling system, kitchen remodeled and so on.
3. Open Floor Plan: While Millennials are open to buying an older home they are looking for an open floor plan with ample of space to entertain indoor and outdoor. Get the curb appeal if you are planning to sell your home in spring & summer.
4. Long Term Commitment: This is one generation when they are house hunting in the Northern Virginia area they want to commit to a house for a long-term rather than a short period. We are seeing more and more millennials purchasing a single family home rather than a condo or a small town home with later to upgrade. The want to put their roots down and grow their family in that home.
5. Financial Limitation: While income are high and interest rate is low the millennials unfortunately don't have a deep pockets of savings. They don't have a whole lot money for down payment. While some are very blessed to have parents/grand parents/family members to help them with financial downpayment assistance. Low downpayment mortgages without PMI have been the most attractive product for our Northern Virginia first time home buyers!
Comments(1)