Millennials Are The New Buyers

    With mortgage rates low and home prices steadying, the market is improving and new homebuyers are coming out of the woodwork. We are beginning to see a whole new generation taking on home ownership.  According to Daily Real Estate News young couples and singles in their late 20s and early 30s are making an overdue entry into homeownership.
     
    For some time, we have seen an unfortunate drop in the number of young generation buyers. But now rising rents, and exceptionally low mortgage rates,  are forcing these millennials to buy. Low mortgage rates are not the only reason millennials are seeing the buying light. The government’s recent efforts to ease credit requirements for a loan, and moderate housing prices in the area, are allowing the younger generation a fighting chance at home ownership.
    Based on the information gathered from Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey, 36 percent of the homes purchased this past December were from first-time homebuyers. This is a number we haven’t seen in years! In addition, Redfin Real Estate Brokerage surveyed that 57 percent of its home tours given were provided to first time homebuyers. This puts that at its highest rate in recent history.
     
    The increasing number of millennials buying will spark a drastic change in the market. First, the demand for homes will increase, which in turn produces more home sales. Housing prices should increase in coming years as a result. These millennials may be the critical tipping point. 
     
    Our team at Jacobo Realty Group says  “Welcome to the market Millennials!” We are experienced working with first-time homebuyers and would be glad to assist members of this younger generation in their home search.

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