Millennials: Is it time to buy a bigger home? | Staten Island Real Estate Update


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Millennials: Is it time to buy a bigger home?  |  Simplifying The Market

In today’s housing, all eyes are on millennia. Millennials are not only the oldest generation, but they are also currently between 25 and 40 years old. These are often considered major home-buying years, when many people begin to form their own homes and invest in real estate. If you’re like many millennials who spend a lot more time at home nowadays, you may have a growing need for more space or updated features, which makes movement more desirable than ever.

For those millennials who already own a home, it’s a great opportunity to ascend in 2021. Danielle Hale, Chief Economist at realtor.com, explains:

“Older millennials will be exchange buyers. Many have owned their first homes long enough to see big equal gains.”

Even if you’ve bought a home sometime in recent years, you may have more equity than you realize, and that’s a big factor to consider when you think about moving. According to the Equity Insights Report on Manager of CoreLogic:

“In the third quarter of 2020, the average homeowner earned approximately $ 17,000 in equity over the past year. This marks the largest average stock 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 at home is changing now. As equity grows over time, it can be paid to the down payment of your next home.

In addition to equity gains, today’s affordable market affordability works at a record low mortgage rates, so moving in at a time when you can get more for your money can be more realistic than you think.

Bottom Line

If you’ve been thinking for a millennium about moving this year, you’re not alone. Let’s connect to illuminate the equality you have in your current home and the opportunities it can create.

Content previously posted in Keep Current Things


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