“The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!”
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!
According to CoreLogic,
“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”
With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.As this graph explains,
“The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.
If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!
To view original article, visit Keeping Current Matters.
Questions continue to come up about where home prices will head throughout the rest of this year. We have projections from the industry’s leading experts!!read more
A lingering listing with no takers … how long does it take until the home seller is willing to accept that a price reduction is needed?read more
Spacious 4 bedroom, 2.5 bath colonial in Newport Beach with deeded beach and boating rights! Call us today to schedule a showing!read more
Not sure how to tell if a homebuyer is serious about purchasing your home? Fortunately, there are usually quite a few clues that can help you gauge a home buyer’s interest and intent.read more
For the longest time, many experts doubted whether Millennials (ages 18-36) valued homeownership as part of their American Dream.read more
Real estate the number one choice of Americans for the best long-term investment when compared to stocks, savings accounts or gold.read more