A recent survey performed by Fannie Mae reported that a majority of Millennials feel that owning a home makes more sense that renting does. And a full 49% said that their next move would be to a home of their own ...
Add that info and statistic to the statistics reported below and you quickly see what a great impact these actions could have on our economy, lifestyles, communities, etc., not to mention the real estate industry itself, should they become reality:
- U.S. Millennials number 66 million individuals
- The median age for First-Time Homebuyers during 2015 was 31 years of age
- Two-thirds of millennials haven’t reached that homebuying age of 31
- 22% are under 25 years old
- Millennials are expected to form 20 million new households by the year of 2025
What this means, of course, is that the Chicagoland real estate market (and others) could experience a large influx of young Millennial - First-Time Home Buyers entering the market within the next decade.
Do these statistics represent your hopes or intentions? A family member's? A friend's? If they do ...
Whether a First-Time Buyer, a Millennial, or anyone else planning on buying a home in Chicagoland at some point in the future, I recommend that you start planning for your purchase NOW. The more prepared you are for a home purchase, the better.
So where and how do you start your planning and preparation?
My first suggested step is always: Talk to a Mortgage professional.
If hoping to buy in Chicagoland (IL/WI), reach out to me. We'll go over your finances and credit together, talk about your plans and goals, and get you on the best path for buying a home smoothly and successfully.
But then what?
During this interim waiting period: With your plan for building upon your finances and maximizing your credit scores on-track ... you can move your home buying preparation and focus on to some fun activities and helpful research.
When it comes time to work with a Realtor, you'll be asked many questions. Be better prepared to answer those questions. Do some preliminary homework in advance of buying regarding the following:
- What style/design of home do you prefer?
- Condominium, Townhome, Single-Family?
- Established home or New Construction?
- Move-in Ready .. or Home with Projects?
- Which town?
- Which Neighborhoods?
- Downtowns
- Transportation? (Highways, airports, streets, transit, cabs, commute time, etc.)
- Walking-or-Biking Friendly?
- Quality Schools?
- Park Districts? Entertainment? Restaurants?
- Crime Statistics?
- Shopping nearby?
- HOA or no? Rules/Regulations/Laws?
- Internet Services? Connectivity? Etc.
- Property Tax Rates?
- Friends/Family Nearby?
- Noise levels Day and Night?
- More ...
There is lots to know and consider, isn't there? So when starting your research and quest to buy/ finance a home, read and learn as much as possible regarding the process in its entirety, start to finish. Also get to know the real estate market in which you hope to buy or build.
Also ask yourself: What are my tastes and lifestyle needs? Then construct a list of the items and concerns most important to you.
A great resource that will help you during this time of discovery can be the Pinterest social media website. There's a myriad of topic Boards available there for browsing and learning from a full array of real estate-related companies and professionals.
Pinterest will help you discover your personal likes/ dislikes as it pertains to architectural styles, housing features, and decor. Helpful info regarding the process of buying/selling/financing, mortgage options, housing/ mortgage terminology, new construction, landscaping, home maintenance, and much more can also be found there.
For those hoping to buy in the Chicagoland area, please consider viewing my Pinterest site and boards. I offer a full variety of real estate-related topics and local info that can prove of value, interest, and entertainment to you or anyone considering a move to the Chicago - Chicagoland area.
Below are just some of the Pinterest Boards, info, and topics you can find on my Pinterest site:
- First-Time Home Buyers
- Condos and Townhomes
- New Construction
- Chicagoland Real Estate News
- Lincoln-Way Communities
- Will County, IL/Chicagoland
- Western Suburbs
- Chicago Southland
- Chicago
- Mortgage & Real Estate Glossary
- Gene Mundt's Chicagoland Mortgage Blog
- Chicagoland Real Estate
- Hoping to Sell a Chicagoland Home?
- Home Maintenance
- Kitchens
- My Chicagoland Biz Referral Partners
- Movin' to a New Place
- More ...
I recommend you check-out the Boards of other Pinterest members too ...
If you're a Millennial (or other hopeful future Home Buyer) dreaming of buying at some point "down the road" ...
NOW May Not Be the Perfect Time to Buy, but It IS the Perfect Time to Start Your Preparation.
NOW is a great time to start your home buying journey. NOW, while there is no real estate contract or time-related deadline facing you.
NOW is the perfect time to educate and familiarize yourself with the process of home buying. NOW, when you have the time to polish and maximize the potential of your Credit Scores.
NOW is certainly the time to get a good head start ...
I can be easily found at:
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