Millennials are home buyers aging from 25 to 45 who are facing a tough time to buy a home as property prices have gone up. They take few decades to save money to purchase a property DC Fawcett Real Estate.
Initially, they have to save money monthly to pay for the down payment while purchasing a property. The savings range varies from each individual depending on their income and monthly expenses which is approximately from $200 to $1000 per month.
But with the amount of savings, they are able to afford a condo probably. Single-family homes are very expensive according to recent reports. Depends on each city, the rate of the properties varies as well as waiting period of each millennial to purchase a real estate property.
The millennials are the first time home-buyers, so they usually invest in small condos rather than a single-family home. Also, there are more condos for sale than SFH.
DC Fawcett Reviews:
- DC Fawcett talks about millennial home ownership and economy of the nation in the recent years. After 2008, home ownership has been historically low. From 2012, the affordability factor decreased, the property prices increases, which in turn resulted in low mortgage rate.
- Those who have already purchased apartments are facing high rent issues. Few causes of not able to afford a home are student home loan debt; slow career growth, recession. Many failed to entitle the home ownership in 2014 and reports said that it will take 5 more years for them to buy a home.
DC Fawcett complaints :
- DC Fawcett complaints about the lack of knowledge and awareness among the young population, majority of the millennials are not even looking out for a home ownership as well as they are under estimating the cost of the down payment.
- To know more about home buying in spring season, visit DC Fawcett virtual real estate investing club where buyers can get an idea about how homes are sold in spring. Spring is the time of the year when many properties are sold.
- Millennials mostly do purchase a condo or a micro apartment around the same season. Many of them opt for rent rather than ownership. The recovery phase has just begun where many of them are looking out for a home to build their home equity. They mainly look out for cleanliness and remodeled kitchens.
- Around 3 million are expected to become first time home buyers where majority are millennials. As a first time home buyer, you must be aware of the scams that happen in a home buying process. Virtual wholesaling will help these new buyers as they can experience how real estate works.
Conclusion:
The job sector is improving and many are now affordable to purchase a home and finally started to embrace the home buying culture. The trend also shows that millennials age group now ranges from 25 to 35, and they are looking out for homes in suburbs. Those with high credit score can avail low mortgage easily. But the mortgage rates either shoot up all in a sudden or declines overnight.
The housing market has just started to prosper and millennials are looking forward to spring home sale.
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