Some Highlights:
- Buying a home is often the biggest financial decision that any family will make.
- The average net worth of a homeowner is 45x greater than that of a renter.
- Homeownership puts your housing costs to work for you.
How To Create Real Family Wealth
Why Do Millennials Wait Longer to Buy?
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In real estate, we know the market always changes. One thing we've noticed is millennials aren't buying homes as frequently as their parents.
Previous studies revealed people rented for an average of 3.5 years before purchasing their first homes. Today, that number has doubled, with most people waiting over six years before making their first home purchase.
So why are millennials waiting so long? CNBC has discovered a few reasons. First of all, today's renters are paying more in rent, making it more difficult to save money for the down payment.
The second biggest factor is job security. Millennials wait until they have been employed with a company for at least 4 years before applying for a mortgage. This indicates how critical career stability is for the younger generation.
If you have any questions about today's video or about real estate in general, give us a call or send us an email. We look forward to hearing from you!
Top Reason to List Your House For Sale Now!
If you are debating listing your house for sale this year, here is the #1 reason not to wait!
Buyer Demand Continues to Outpace the Supply of Homes For Sale
The National Association of REALTORS’ (NAR) Chief Economist, Lawrence Yun recently commented on the inventory shortage:
“While feedback from REALTORS® continues to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers.”
The latest Existing Home Sales Report shows that there is currently a 5.1-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below November 2014 numbers.
The chart below details the year-over-year inventory shortages experienced in 2015:
Anything less than a six-month supply is considered a “Seller’s Market”.
Bottom Line
Let's get together and discuss the supply conditions in your neighborhood to be able to assist you in gaining access to the buyers who are ready, willing and able to buy now!
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