5 Reasons Millennials Are Buying Homes

As a member of the millennial generation in the United States, you are among 72 million individuals who may be considering homeownership. According to Zonda's 6th annual millennial survey, 98% of millennials aspire to become homeowners at some point, if they aren't already. What motivates this desire to purchase a home? Let's take a closer look at the top reasons that other millennials have cited for making this important decision.   #1 Building Equity One key factor is building equity. By owning a home, you are investing in a long-term asset that can increase your net worth and financial stability over time. Additionally, renting a property means building equity for someone else, while owning a home allows you to build equity for yourself.   #2 Changing in Lifestyle  Another common reason is a change in life stage. As a millennial, you may be reaching a point where you need more space or a different location. Perhaps you are starting a family or looking for a larger home to accommodate your lifestyle needs.   #3 Settling Down Stability and settling down are other factors that often lead millennials to purchase a home. You may be looking to establish your career or create a particular lifestyle in a specific location, and owning a home can provide the foundation for these goals.   #4 Rising Home Values Rising home values also motivate millennials to become homeowners. As a homeowner, you own an asset that traditionally increases in value over time, meaning your home may have a higher resale value if you choose to move in the future.   #5 A Place To Call Their Own Finally, many millennials simply want a place to call their own. Owning a home allows you to customize and update your living space as you see fit, creating a sense of freedom and individuality.   If any of these reasons resonate with you, it may be worth considering partnering with a trusted real estate agent to explore your options for becoming a homeowner. With so many benefits to owning a home, it's no wonder that so many millennials are choosing this path.

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Think Twice Before Delaying Home Purchase in Hopes of Lower Prices

As the housing market shifts, with home prices having dipped since peaking last June, you may be pondering where it's headed. You might have heard about a looming price crash in the news or on social media, leading you to postpone buying a home in hopes of significant price drops. However, recent data suggests that home prices may have already hit their lowest point and are now on the rise. For example, Selma Hepp, Chief Economist at CoreLogic, reports that U.S. home prices increased by 0.8% in February, indicating that prices in most markets may have bottomed out. Black Knight's latest data also reflects a similar trend. The graph below compares home price trends in November to those in February:   So, is it wise to continue waiting for home prices to come down? Considering what the experts are saying, probably not. Data shows that prices are increasing in many parts of the country, rather than decreasing. Furthermore, the Home Price Expectation Survey projects that home prices will rise steadily and return to more typical levels of appreciation after 2023. To gain a comprehensive understanding of home values in your area, it's advisable to work with a local real estate professional who can provide you with up-to-date insights and expert advice.   If you've been holding off on buying a home in anticipation of lower prices, it may be worthwhile to reconsider. Collaborate with a real estate agent to stay informed about your local housing market and make informed decisions.

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Unlocking Your Home-Buying Potential with Your Tax Refund

Are you saving up to make your dream of owning a home a reality this year? If so, you're likely aware of the various expenses involved, from the down payment to closing costs. The good news is that your tax refund can be a valuable resource to help you achieve your homebuying goals by covering some of these costs.   According to SmartAsset, the average American is estimated to receive a tax refund of $1,798 this year. The map below provides a state-by-state breakdown of estimated refunds:   Freddie Mac suggests several ways in which your tax refund can benefit you as a homebuyer. If you're expecting a refund and considering buying a home, here are some tips to keep in mind: Saving for a down payment: Saving for a down payment is often a significant hurdle to homeownership. Your tax refund can be a significant boost to your savings, helping you reach your down payment goal faster than anticipated. Paying for closing costs: Closing costs, which include fees charged by lenders, real estate agents, and other parties involved in the homebuying process, can add up quickly. Your tax refund can be used to offset these costs and make the homebuying process more affordable. Lowering your interest rate: Some lenders may offer you the option to buy down your mortgage interest rate, which means paying upfront to secure a lower rate on your fixed-rate mortgage. Your tax refund can be utilized for this purpose, potentially resulting in long-term savings on your mortgage payments. Partnering with a trusted real estate professional who understands the homebuying process is crucial in preparing to buy a home. They can provide guidance on the costs associated with homebuying and help you make informed decisions. Make the most of your tax refund to achieve your homeownership goals. Connect with a local real estate agent to discuss how you can kickstart your homebuying journey today.

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