Tips For Millennial Home Buyers

Reblogger Sally K. & David L. Hanson
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

Great education for this market segment ....rent increases are certainly a consideration ! 

Original content by Amanda S. Davidson 0225221517

Tips For Millennial Home Buyers

Millennial home buyers are defined as someone who is in the 18-35 year age bracket. Many millennials have thought about purchasing a home but, due to rising home prices and student debt haven’t taken the leap.

 

Although millennials have seen the struggle in real estate during the recession the dream of home ownership is still alive and well. The majority of millennials want to buy a home and there are options available for that to become a reality but, it takes proper planning and a little patience.

 

Real estate should be viewed as a long term investment. There will always be ups and downs but, if you’re looking at it from a long term view and are in a good financial position it’s something to seriously consider.

 

Deciding between renting and buying is a big decision. Think about the long term and years from now you will likely be glad you opted to buy instead of rent.

 

Real estate is not a get rich quick scheme. It takes hard work and patience.

Tips For Millennial Home Buyer Tips

Millennial Home Buyer Tips

Work With An Agent You Trust

This tip really applies to every home buyer but, as a millennial you’ve most likely never bought a home before so it’s extremely important you pick an agent you can trust. Your agent will (and should) know more than you and because of that, you will be relying on their advice. Ask for referrals from family and friends who have purchased a home before. Then interview different agents and ask questions before you select the agent you feel is best suited to represent you.

 

Think about what you’re looking for in an agent and base your questions around that. Does the agent have references? Do they actively sell homes? This is an important one because if they do it means they’ll have a pulse on the current market conditions.

 

Ask how many clients they work with at one time. You need an agent that can work with your schedule and devote time to helping you. If they’re overwhelmed with clients that’s probably not the best fit. Do they practice dual agency? You want your own exclusive representation.

 

As a first-time home buyer, you need someone that can answer all of your questions in a timely manner. Don’t settle for just any agent, you deserve the best representation.

Home Buying Tips For Millennials

Pinpoint Locations and Neighborhoods

A big part of buying a home is to determine where you want to live. Location, location, location might sound cliché but, the old saying is spot on.

 

You can always change how your home looks but, you can’t change its location. Understanding how to pick a neighborhood you love is important. The location of a home impacts value and the ability to sell down the road; check out the guide to learn more about the importance of walkability, crime, and schools.

 

Type Of Home
Buying a home requires a decision on what type of property fits your lifestyle. Condo, townhouse, or single family are the most common options but, not always the only options depending on what area you’re in.

 

When deciding on a type of home think about how many people (if any) will be living there. Do you need or want a yard? Do you travel a lot and want a low maintenance property? Are you looking for amenities such as a pool or fitness center?

 

Asking yourself these types of questions will help you decide what type of property is best. Remember to think long term, not just about your immediate needs.

Home Buying Tips For Millennials

Know Your Numbers

Purchasing a home comes with costs that you might not be aware of. There are different fees that you’ll want to account for. Expenses will occur before you actually own the home such as home inspection costs and the appraisal fee.

 

Obtaining a mortgage comes with fees that will be a part of your closing costs. These are just a few of the costs that come with purchasing a home.

 

There will also be moving fees and expenses that come after buying a home including maintenance and utilities.

 

Knowing your numbers up front and planning for the long term will save you a lot of stress and keep your budget on track.

 

Closing Thoughts For Millennial Home Buyers

Buying a home is a big decision. It’s one that requires careful thought, planning, and patience. Take your time and do your research.

 

Assembling a trustworthy team of experts to guide you through every step and waiting to buy a home that you love will benefit you for years to come.

 

 

 

 

Amanda Davidson Real Estate Group

 exp realty

 

 

      

 

AMANDA DAVIDSON  
l ASSOCIATE BROKER l  
l AMANDA DAVIDSON REAL ESTATE GROUP BROKERED BY eXp REALTY l

C  703.431.3755   |   O  703.988.3151  |   W  www.amandadavidson.com

A  20130 Lakeview Center Plaza #400 Ashburn, Va 20147




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Rainmaker
743,991
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great information and I definitely agree with "Work With An Agent You Trust."  You are making probably one of the largest purchases in your life, you want to make sure you trust who you are working with.

May 22, 2019 05:31 AM #1
Rainmaker
1,518,592
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Alexandria, VA
Alexandria Virginia Homes For Sale

Sally and David, thank you for sharing this post. I truly hope more millennials look into purchasing. There's a lot to consider and having the right agent as a resource is priceless. 

May 22, 2019 05:43 AM #2
Rainmaker
3,202,731
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. Most millenials should buy just at it has always been. Few can budget and invest for a better return over time. Amanda makes some good points. Enjoy your day!

May 22, 2019 05:47 AM #3
Rainmaker
2,480,334
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I always enjoy the posts from Amanda S. Davidson , she always has such great tips for her prospective clients!

May 22, 2019 06:10 AM #4
Rainmaker
1,871,052
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - Amanda S. Davidson has a good focus on the millennial market.  This is the future growth.

May 22, 2019 06:11 AM #5
Rainmaker
1,839,854
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Not sure how this list differs from anyone buying a house.  But most millenials that I work with are expectedly unrealistic.

May 22, 2019 07:42 AM #6
Rainmaker
3,102,270
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sally and David,  Amanda S. Davidson came up with a great blog on this subject.  

May 22, 2019 11:42 AM #7
Rainmaker
5,309,975
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing this excellent reblog selection.

Have a very special Memorial Day weekend.

May 24, 2019 05:11 AM #8
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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