“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.
“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.
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.
It appears that some higher-priced markets may have more homes to choose from than those at lower price points.
Housing supply is at a historic low. Demand is real. Homeowners have enough equity to be able to weather a dip in home values.
As we think about the future and what we want to achieve beyond 2021, it’s a great time to look at the benefits of owning a home.
Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.
In today’s housing market, there are clear financial benefits to owning a home including the chance to build your net worth.
A financial advantage to owning a home is the wealth built through equity when you own a home.