As families grow and careers are established, the real estate market is welcoming record numbers of Millennials, who are beginning to settle into their first homes.
The National Association of Realtors reports that Millennials represented 37% of all homebuyers last year, and of those under age 28, 86% were first time homebuyers.
The New Year – it brings the promise of change: personal change, relationship change and for many a change of address.
Today’s twenty- and thirty-somethings are eager to leap to home ownership and are inclined to make lifestyle adjustments to achieve it. A recent survey from Chase Home Lending reports that 70% of Millennials are willing to cut back on things like manicures, the new Marvel movie and other recreational spending in order to become homeowners. But, a smooth path to home ownership takes a lot of preparation — it’s important to have a budget in check before taking the plunge.
With a shifting housing landscape, unpredictable interest rates and down payment priorities, there’s a lot that new buyers need to know about buying a home and Farnoosh Torabi, celebrated financial expert, host of the award-winning podcast So Money, spoke with The Daily Buzz offering practical tips to this large segment of the population who have a new home on their 2020 wish list.
“People are realizing this is a good time to buy and it’s a buyers market. Millennials want to settle down and look to their futures,” said Torabi. “It’s always a good idea to adjust before it’s real and be realistic about tweaks in your budget. Start now and start saving for closing costs and down payments. Make those tweaks to your lifestyle and get smarter about prioritizing your budgets and spending.”