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Millennials: Is It Time to Buy a Bigger Home? | Simplifying The Market

In today’s housing market, all eyes are on millennials . The millennials are not only the greatest generation, but also now have between 25 and 40 years. These are often considered the optimal years to buy a home, it is when many people start to make their homes and invest in real estate. If you are like many of the millennials who are spending much more time at home these days, you may have a growing need for more space or updated features in the house, making moving more desirable than ever.

 

For those millennials who already own a home, there is a great opportunity to move to a bigger home in 2021. Danielle Hale, Principal Economist at realtor.com explains :

“Older millennials will be trade buyers with many of them who have owned their first home long enough to see substantial home equity gains.”

Even if you bought a home at some point in the last few years, you may have more equity than you think and that’s a huge factor to consider when considering moving. According to CoreLogic’s Homeowner Equity Insights report :

“In the third quarter of 2020, the average homeowner earned approximately $ 17,000 in equity over the past year . This marks the highest average capital gain since the first quarter of 2014 ”.

Increasing home equity may be the engine you are looking to finance your next move, especially if a house is changing right now you need. As equity accumulates over time, it can be used as a down payment on your next home.

In addition to home equity gains, the affordability of today’s housing market is driven by historically low mortgage rates, so moving in at this time when you can get more for your money may be more realistic than you think.

In conclusion,

If you are a millennial thinking about moving this year, you are not alone. We will communicate to clarify what equity you have in your current home and the opportunities it can create.

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