
“In today’s housing market, all eyes are on millennials.”
In today’s housing market, all eyes are on millennials. Not only are millennials the largest generation, but they’re also currently between 25 and 40 years old. These are often considered prime homebuying years when many people begin to form their own households and invest in real estate. If you’re like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making moving more desirable than ever.
For those millennials who already own a home, there’s a great opportunity to move up in 2021. Danielle Hale, Chief Economist at realtor.com, explains:
“Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.”
Even if you bought a home sometime in the last few years, you may have more equity than you realize, and that’s a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:
“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”
Growing equity can be the driver you’re looking for to fund your next move, especially if what you need in a home is changing right now. As equity builds over time, it can be put toward the down payment on your next home.
In addition to equity gains, today’s housing market affordability is powered by record-low mortgage rates, so moving at a time when you can get more for your money may be more realistic than you think.
Bottom Line
If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect to shed light on the equity you have in your current home and the opportunities it can create.
To view original article, visit Keeping Current Matters.
How Much Leverage Do Today’s House Sellers Have?
With the leverage sellers have today, you may be able to negotiate a deal that allows you to move into your dream home!
47% of New Buyers Surprised by How Affordable Homes Are Today
Whether you’re a first-time buyer or a move-up buyer, don’t let the headlines scare you away from your dream of homeownership.
Where Have All the Houses Gone?
Today’s housing market is a big win for sellers, but these conditions won’t last forever. Let’s connect to discuss how to sell your house safely.
Will Low Mortgage Rates Continue through 2021?
Working with a trusted real estate professional to navigate the process while rates are in your favor might be the best move you can make.
3 Ways You’ll Win When You Buy a Home This Year
There are so many great reasons to purchase a home, and over the past year, we’ve realized more of them than we ever thought possible.
Reasons to Hire a Real Estate Professional [INFOGRAPHIC]
The right agent can explain current market conditions and break down exactly what they mean for you.