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Millennials are their own worst enemy when it comes to buying a house

By
Real Estate Agent with Mike Russell Real Estate Group SP00225692 Kansas

So this was actually the headline for another article (You can read it here) but I felt that most of their conclusions were totally wrong. They were not wrong that millennials are there own worst enemy when it comes to buying a house, they were just wrong about the reasons. 

I have 3 reasons why you are your own worst enemy and what you should do instead :

Timing: Most millennials wait way too long or don't wait long enough. Real Estate has seasonality and you can expect the highest number of homes to sell between March 1st and the end of June, while October through December are annually when sales are at their lowest. When you purchase during the peak period you will not only face the highest level of competition but you will most likely pay the highest price, plus you will most likely have to concede on items like inspections, appraisals and more.

When you instead purchase in the off-peak months you will have a better chance of negotiating a better price, asking the sellers to pay closing costs and  requesting inspection repairs. Which scenario sounds better to you, the seller chasing you to make an offer or you begging the seller to accept your offer over multiple others.

House Choice: Choosing the right house can be very difficult decision, the location, style of house and price are generally the top factors that most buyers consider when purchasing but there seems to be one thing in common. Most young buyers want the purchase the same homes and I don't blame them. Who wouldn't want the prettiest penny on the block. The only problem is that only 1 buyer can get that house and there always seems to be multiple offers on those homes. So instead, you might want to consider the houses that have been on the market for 14 days or more. These home sellers will be more likely to negotiate and the chances of multiple offers lessens the longer a home stays on the market.

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Due Diligence: My last point is doing your homework, if you are going to buy a house you should have a team around you that includes your family for emotional support, a Mortgage Lender who has the right programs to suit your situation, a insurance representative to help you get the best insurance coverage and rates, a highly qualified home inspector and of course an experienced Real Estate Agent who know the market.

We see way to many young buyers who start looking at homes online and then just jump right into the process  of looking at homes without interviewing anyone and just end up using people suggested to them without knowing any of their qualifications or if they are a good fit for you and your individual needs. 

Do you need a team? Talk to me, we have a team of Top Mortgage agents, Top Insurance Specialist, Home Inspectors and of course a Real Estate Agents with over 20 years of experience.

 

 

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 Mike Russell is a REALTOR with Keller Williams Realty. Mike specializes in Johnson County Kansas Homes and Real Estate for sale. Mike is a tech savvy realtor with over 20years experience. Did you enjoy Mike's Blog? Feel free to subscribe or join Mike on his Social Network to stay up to date on Overland Park, Olathe, Leawood, Lenexa, Shawnee and all of Johnson Counties real estate news and more...

Mike Russell Real Estate Group can be reached at 913-266-5828 or MRussell@KW.com  or www.SearchjocoHomes.com

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Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning and great information in your blog to share with us today in the Rain.  Hope you have a great Sunday!

 

Jan 21, 2024 07:51 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

So many good points in this post. My experience is an over sense of knowledge because of all they read online and when one tries to offer a correction, they are reluctant to accept it as their phone says different. Disinformation is all over the internet.

Jan 21, 2024 08:27 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Congratulations on your new listing.  Nice house and nice job with your presentation.
Jan 22, 2024 04:38 AM