A Millennial’s Guide to Homeownership
The Millennial Generation is the largest generation in United States history. According to the US Census Bureau:
“[Millennials] born between 1982-2000, now number 83.1 million and represent more than one-quarter of the nation’s population. Their size exceeds that of the 75.4 million baby boomers.”
If you’re one of the millions of Millennials who’s seen their peers begin to buy homes recently and are wondering what it would take for you to do the same… you’ve found the right eGuide!
There are so many stereotypes and myths about the Millennial Generation as a whole…AND about what it takes to buy a home in today’s market.
Myths have prevented many Millennials from considering homeownership as an option for them and their families.
Our goal with this eGuide is to provide you with the information you’ll need to make the best decision for you and your family in regards to homeownership. We’ll break down the myths and stereotypes that have long been believed to be true, as well as shed light on the opportunity you have to build wealth using your monthly housing cost.
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As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
Lower-priced homes have appreciated at greater rates than homes at the upper ends of the spectrum due to demand from first-time home buyers and baby boomers looking to downsize.
If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2018! Let’s get together to evaluate your situation!
The average homeowner gained approximately $14,900 in equity during the past year. Compared to Q3 2016, negative equity decreased 22% from 3.2 million homes, or 6.3% of all mortgaged properties. U.S. homeowners with mortgages (roughly 63% of all homeowners) have seen their equity increase by a total of $870.6 billion since Q3 2016, an increase of 11.8%, year-over-year.
One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
The National Association of REALTORS® surveyed their members for their Confidence Index.
There’s a lot of discussion about the current state of housing affordability for both first-time and move-up buyers. Much of the narrative is tarnished with a negative slant.
Historically Speaking, There’s No Housing Bubble! Let’s break this down. From 1975 to 1990, home values trended at standard 5% annual growth. In 1990, when the US entered into a recession, new construction prices fell.
Low Housing Inventory Results in Double Digit Price Increases. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense.
As an owner, your mortgage payment is a form of ‘forced savings’. This allows you to build equity in your home. You can tap into this equity later in life if you choose. As a renter, you guarantee the landlord is the person with that equity.
Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s
Make sure all the information listed on your report is accurate and work to correct any mistakes.
The inventory of homes for sale has fallen year-over-year for the last 28 months and has had an upward impact on home prices.
We’re sharing some very exciting news today for First Time Homebuyers! New California State Programs are making homeownership a reality for first time homebuyers. Owned a home in the past?
Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!