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5 Reasons Millennials Are Buying Homes

April 18, 2023 By Tami Savage

5 Reasons Millennials Are Buying Homes

In the United States, there are over 72 million millennials. If you’re part of that generation and have thought about buying a home, you aren’t alone. According to Zonda, 98% of millennials want to become a homeowner at some point if they aren’t already. But why? There are plenty of reasons you may choose to become a homeowner. Here’s why other millennials have made that decision (see graph below):

Why Did Millennials Decide to Buy?

This graph shows why millennials are buying homes according to Zonda’s 6th annual millennial survey. The top reasons include building equity, a change in life stage, wanting stability, rising home values, and wanting to make somewhere truly their own. Here’s a look at each in more detail.

Building equity – Homeownership is a long-term investment that allows you to build wealth, increase your net worth, and become more financially stable. Beyond that, the alternative to owning a home is typically renting. With the way rents have risen so dramatically over time, it may make sense to build your own equity instead of the equity of the person you’re renting from.

A change in life stage – As a millennial, you’re reaching your prime homebuying years. That means you may be at the point where you need more space or a different location.

Stability or settling down – This could mean establishing your career or just generally deciding more concretely what you want your life to look and feel like. As that idea becomes clearer, you may want to establish that lifestyle in a particular place and put down roots.

Rising home values – By purchasing a home, you own an asset that traditionally increases in value over time. That can mean your home will have a higher resale value if you decide to move again.

Wanting to make somewhere “mine” – Owning a home gives a sense of freedom because you can customize it however you want, make updates as you see fit, and be yourself in a place that’s solely your own.

Bottom Line

There are plenty of great reasons why millennials are buying homes today. If you’ve thought about becoming a homeowner and any of these reasons resonate with you too, let’s connect to explore your options.

Tagged With: Demographics, First Time Home Buyers, For Buyers, Millennials

Think Twice Before Waiting for Lower Home Prices

April 17, 2023 By Tami Savage

Think Twice Before Waiting for Lower Home Prices

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:

“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”

And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:

Home Prices Up in Majority of Country:  Major Turnaround in 50 Largest Markets

So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.

Bottom Line

If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.

Tagged With: First Time Home Buyers, For Buyers, Housing Market Updates, Millennials, Move-Up Buyers, Pricing

Could a Multigenerational Home Be the Right Fit for You?

March 7, 2023 By Tami Savage

Could a Multigenerational Home Be the Right Fit for You?

During the pandemic, many of us reexamined the meaning of home for ourselves and our loved ones. Today, that can be seen in the recent rise in multigenerational households. According to Jessica Lautz, Deputy Chief Economist and Vice President of Economic Research at the National Association of Realtors (NAR):

“Multi-generational buying may be a home where families live in the same home with elderly parents, children who have boomeranged back home, or other extended family members. While this is not a new concept of living, it is one which has gained recent popularity.”

And citing data from Pew Research Center, the Wall Street Journal (WSJ) says:

“. . . multigenerational living has made a comeback in recent years, particularly after the 2008 financial crisis and during the pandemic.”

So, if buying a multigenerational home has crossed your mind, you aren’t alone. Depending on what stage of homeownership you’re in, there are different reasons it could be the right fit. The chart below shows responses to a recent survey from NAR about the reasons people have bought a multigenerational home:

Top Reasons to Purchase a Multigenerational Home

Whether your motives are financial or focused on the people you’ll share your home with, a multigenerational home has distinct advantages. It can make homeownership more affordable, and it can help you best support your loved ones. As Lautz explains:

“Multi-generational home buying is a way for families to care for one another, support one another, and often buy a home that may have been previously out of reach. . . . The trend of multigenerational buying appears to be firmly established and one that could expand in the future.”

Bottom Line

If you’re ready to buy a house, consider the opportunities of a multigenerational home. Let’s connect so you can explore your options in our area.

Tagged With: Baby Boomers, Demographics, First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers

What You Want To Know If You’re Pursuing Your Dream of Homeownership

December 1, 2022 By Tami Savage

What You Want To Know If You’re Pursuing Your Dream of Homeownership

If you’re a young adult, you may be thinking about your goals and priorities for the months and years ahead. And if homeownership ranks high on your goal sheet, you’re in good company. Many of your peers are also pursuing their dream of owning a home. The 2022 Millennial & Gen Z Borrower Sentiment Report from Maxwell says:

“Many young adults have demonstrated their resolve to embark on the journey toward homeownership soon. More than half of millennials and Gen Zs plan to apply for a mortgage sometime within the next year.”

Let’s take a look at why homeownership makes the top of so many young buyers’ to-do list and what you need to consider to achieve your goals if you’re one of them.

Top Motivators To Buy a Home

Before you start the homebuying process, it’s helpful to know why homeownership is so important to you. The survey mentioned above sheds light on some of the top reasons why younger generations are looking to buy a home. It finds:

  • 95% believe the cost of renting is too high
  • 35% think owing a home is an important wealth building tool
  • 16% seek the sense of security owning a home provides
  • 37% plan to use it as an investment property

No matter which of these resonates the most with you, know there are many financial and non-financial reasons why you may want to buy a home. While your top motivator may be different than that of your friends, they’re all equally valid and worthwhile.

Key Obstacles and How To Overcome Them

Whether your homeownership goals come from the heart or are driven by financial aspirations (or both), it can still be hard to know where to start when you’re looking to buy a home. From understanding the homebuying process, to getting pre-approved, and exploring down payment options, it’s a lot to wrap your head around.

The same Maxwell survey also reveals key challenges for potential buyers. Thankfully, the knowledge and guidance of a trusted real estate professional can help you overcome both. Here’s a look at two of the hurdles potential homebuyers say they face:

1. The Mortgage Process Can Be Intimidating

In the Maxwell study, 33.37% said one of their obstacles was that the mortgage process is confusing or difficult to understand.

An article by OwnUp helps explain why the mortgage process is so challenging for buyers:

“There is a general lack of knowledge about home financing. Mortgages are a complicated topic with no one-size-fits-all answer. It’s difficult to understand the space, let alone determine what the right course of action is based on your unique financial picture.”

While you may be tempted to do a quick search online to find instant answers to your questions, it may not get you the information you need to understand the full picture. Especially when it comes to financial advice, you want to lean on a true expert. Having trusted professionals on your side can help you to learn what it takes to achieve your dream of homeownership. Not to mention, an expert can give you advice specific to your situation, not generic advice like you’ll find online.

2. It’s Hard To Know How Much You Need To Save

In the Maxwell study, 45.75% believe they don’t have enough saved to cover their down payment or closing cost expenses.

What you may not realize is that, today, there’s a growing number of down payment assistance programs available nationwide to help relieve this pressure. A report from Down Payment Resource says:

“Our Q3 2022 HPI report revealed a 1.6% uptick in the number of homebuyer assistance programs available to help people finance homes, raising the number of programs to 2,309, a net increase of 36 over the previous quarter.”

Additionally, as the housing market cools, buyers are regaining some negotiation power and more sellers are willing to work with buyers to help with closing costs.  Understanding what’s out there and the options available may help you achieve your dream of homeownership faster than you thought possible.

Bottom Line

If you’re serious about becoming a homeowner, know it may be more in reach than you think. Lean on trusted professionals to help you overcome challenges and prioritize your next steps.

Tagged With: Buying Myths, First Time Home Buyers, For Buyers, Gen Z, Generation Z, Housing Market Updates, Millennials, Move-Up Buyers

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

November 28, 2022 By Tami Savage

Your House Could Be the #1 Item on a Homebuyer’s Wish List During the Holidays

Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.

The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.

1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:

“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”

2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:

“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.

4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.

5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:

“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”

Your home could be their ticket to leaving renting behind for good.

Bottom Line

There are still many reasons it makes sense to list your house during the holiday season. Let’s connect to determine if selling now is your best move.

Tagged With: For Sellers, Housing Market Updates, Millennials

More People Are Finding the Benefits of Multigenerational Households Today

November 17, 2022 By Tami Savage

More People Are Finding the Benefits of Multigenerational Households Today

If you’re thinking of buying a home and living with siblings, parents, or grandparents, then multigenerational living may be for you. The Pew Research Center defines a multigenerational household as a home with two or more adult generations. And the number of individuals choosing multigenerational living has increased over the past 50 years.

As you consider this option for your own home search, know it could help you on your homeownership journey and provide you with other incredible benefits along the way.

Living with Loved Ones Could Help You Achieve Your Homeownership Goals

There are several reasons people choose to live in a multigenerational household, and for many, the arrangement is a personal one. But according to the Pew Research Center, the top reason people choose to live together today is financial.

A recent study from Freddie Mac also finds more people are choosing to buy a home together so they can save money in the homebuying process. As the study says:

“. . . an increasing percentage of young adult first-time homebuyers are relying on support from older generations, including their parents, to buy a home together.”

For these individuals, combining their resources can help them achieve their dream of buying and owning a home. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own.

Other Key Benefits of Multigenerational Living

Not to mention, living in a home with loved ones can have other benefits too, like giving you more quality time to spend together. Darla Mercado, Certified Financial Planner and Markets Editor for CNBC.com, explains how this living arrangement can help on a personal and financial level:

“Residing with relatives can offer advantages . . . you can pool multiple streams of income, for instance. And in households with young children, grandparents can pitch in with child care.”

If this sounds like a great option for you, it’s important to work with a trusted real estate professional to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.

Bottom Line

More people are discovering the benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.

Tagged With: Baby Boomers, Demographics, For Buyers, Gen X, Gen Z, Generation X, Generation Z, Millennials

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Free eGuide. Things to Consider When Selling Your House. Send me this eGuide.

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Baby Boomers Buying Myths Community Demographics Distressed Properties Downloadable Down Payments First Time Home Buyers Forbearances For Buyers Foreclosures For Sale By Owners For Sellers FSBOs Garden Generation X Generation Z Gen X Gen Z Holidays Home Household Management Housing Market Updates Infographics Interest Rates Interview Investors Lifestyle Luxury Market Millennials money Move-Up Buyers moving New Construction Pricing relocation Remodel Rent vs Buy Report Reviews Selling Myths Senior Market Short Sales Veterans Video

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🏠✨ Why wait until next year to sell your home 🏠✨ Why wait until next year to sell your home? Here's what you need to know:
 • Serious buyers are actively searching right now.
 • The limited supply of homes means yours could stand out.
 • Holiday season could bring more flexible showing schedules.

Thinking of selling? DM me and let’s strategize the best plan for your home.

https://tamisavage.com/3-reasons-to-sell-your-house-before-the-new-year-infographic/
🏠💖 Home is where the heart is; for Gen Z and 🏠💖 Home is where the heart is; for Gen Z and millennials, it's a dream worth chasing. Surveys show that owning a home still tops the list of life goals for many in these generations.

Beyond the investment, it’s about creating a space that's truly yours. 🎨 Facing challenges like high mortgage rates and low inventory? I'm here to guide you every step of the way. 🗝️

DM me to embark on your home-buying adventure. Let’s make your dream home a reality! 💭

https://tamisavage.com/is-owning-a-home-still-the-american-dream-for-younger-buyers/
🔮🏠 Wondering about the recession and its imp 🔮🏠 Wondering about the recession and its impact on housing? Good news! Less than half of economists now see a recession coming soon.

Low unemployment rates mean a stable housing market, with no signs of a foreclosure wave.

Got questions about the market and your home? DM me for a chat – let’s dive into the details together.

https://tamisavage.com/why-the-economy-wont-tank-the-housing-market/
🏡✨ Discover the joys of homeownership! Our la 🏡✨ Discover the joys of homeownership! Our latest infographic highlights three major reasons to be thankful for owning a home:

1. Your personal safe haven.
2. A space that reflects YOU.
3. A community of friends and neighbors.

Ready to find your dream home? DM me to start your journey!

https://tamisavage.com/why-homeowners-feel-thankful-for-their-homes-infographic/
Home is where the heart is, and homeowners know it Home is where the heart is, and homeowners know it best! 🏠💖 Here's why many are thankful:

🕊️ A sanctuary of peace.
🎨 Your personal expression zone.
🤗 A community connector.
🎉 A memory maker.

Ready to find your own slice of happiness? DM me to start your home-buying journey.

https://tamisavage.com/why-homeowners-are-thankful-they-own/
🍁 Home prices got you puzzled? It's all about s 🍁 Home prices got you puzzled? It's all about seasonality! 📊 While some say prices are dropping, the truth is, they're just following the usual yearly pattern.

🌸 𝐒𝐩𝐫𝐢𝐧𝐠 = Peak demand
☀️ 𝐒𝐮𝐦𝐦𝐞𝐫 = High activity
🍂 𝐅𝐚𝐥𝐥/𝐖𝐢𝐧𝐭𝐞𝐫 = Slower growth

It's normal, and it's happening now. No drastic drops, just a more moderate rise. For the real scoop on local home prices and how this impacts your plans, DM me.

#HomePrices #MarketSeasonality #RealEstateFacts #DontBelieveTheHype #HomeBuyingAndSelling
Feeling lost in the housing market buzz? 🌐 Let’s break down the big three questions:
📈 Mortgage Rates: Expected to stabilize as inflation eases.
🏠 Home Prices: Still growing, but at a more normal pace.
💬 Recession Talk: Becoming less likely according to experts.

Navigating the market doesn’t have to be confusing. DM me to discuss your real estate plans as we approach the new year.

https://tamisavage.com/are-the-top-3-housing-market-questions-on-your-mind/
📈 Home inventory update! While there's a bit mo 📈 Home inventory update! While there's a bit more on the market now, we're still far from pre-pandemic levels.

𝐓𝐡𝐢𝐧𝐤𝐢𝐧𝐠 𝐨𝐟 𝐛𝐮𝐲𝐢𝐧𝐠? More options, but stay ready for competition.
𝐑𝐞𝐚𝐝𝐲 𝐭𝐨 𝐬𝐞𝐥𝐥? It's still a great time to make your move.

Let’s talk strategy for today’s market. DM me for the latest insights and personalized advice!
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The Summer Guides for Buying and Selling a Home are Here.

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The Spring Guides for Buying and Selling a Home Are Here
How you price your house will make a big difference to not only your bottom line, but to how quickly it could sell. Let’s connect to figure out the ideal price for your house.
Price Your House Right When You Sell
Getting pre-approved is an important first step toward buying a home. Let’s connect so you have the right tools to buy a home in today’s market.

Data Source:
 • https://www.forbes.com/advisor/mortgages/what-it-takes-to-be-preapproved-for-a-mortgage-and-why-it-matters/
The Importance of Pre-Approval
There are many reasons why it’s easy to fall in love with homeownership. If you’re ready to find the home of your dreams, let’s connect.
Why It's Easy To Fall in Love with Homeownership
You can have the home you want without waiting for the perfect home to come onto the market.

SOURCE for Data in Video: 
 • https://themreport.com/news/data/08-29-2022/homebuyers-compromise
Create Your Perfect Home by Perfecting It After You Purchase
Before buying a home, it’s a good idea to know why homeownership is important to you. Let’s connect to discuss your why and prioritize your next steps.

SOURCE for Data in Video: 
 • https://himaxwell.com/resources/ebooks-white-papers/1h-2022-millennial-genz-borrower-sentiment-report/#downloadnow
Top Reasons Why You May Want To Buy a Home
There’s a lot going on in the housing market right now. 

You can get the latest digital copy from my website post: https://tamisavage.com/the-winter-guides-for-buying-or-selling-a-home-are-here/
The Winter Guides for Buying or Selling a Home Are Here
There’s good reason to make your move right now if you’re ready to sell. Let’s connect to talk about the benefits of selling your house this season.
5 Reasons To Sell Your House This Winter
Rents have risen dramatically for over three decades. Let’s connect so you can have expert advice on your side to help you reach your homeownership goals.

Data Source: 
 • http://www.census.gov/housing/hvs/files/currenthvspress.pdf
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DISCLAIMER: The information contained, and the opinions expressed, on this site are NOT intended to be construed as legal or financial advice. Tami Savage does NOT guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as legal or financial advice. You should ALWAYS conduct your own research and due diligence and obtain professional advice before making any legal or financial decisions. Tami Savage will NOT be liable for any loss or damage caused by your reliance on the information or opinions contained herein.