Partner Content
Millennials have reached the age of homebuying and Generation Z is not far behind. As a dominant force in the economy, their needs, opinions, and behaviors could shape the future direction of the housing market.
According to Fannie Mae research, their desire for homeownership matches that of previous generations, with 88% confident they will achieve homeownership someday.
Recent studies have shown that as Baby Boomers downsize or exit the market, more homes become available, however, housing stock often does not match the needs, desires, and/or budget of younger buyers. In the study of millennials, 69% say smaller homes are okay as long as their needs are met. And 63% are open to older fixer-uppers, seeing them as a more affordable option.
The recent 2023 Borrower Insight Survey indicates that 73% of renters believe that owning a home is currently beyond their reach, primarily due to financial constraints. For a first-timer, buying a home can feel overwhelming, but breaking down the process into steps and tackling them one at a time can help get the job done. Here’s a great starting point:
- Check your credit (and work on it if needed)
- Nail down your budget
- Consider needs versus wants
- Talk to a lender / inquire on program options
Sometimes the timeline to homeownership is 2 years and sometimes it’s 2 months. Knowing the options and knowing the goals is what makes it achievable.
Younger generations’ dreams of homeownership come with unique challenges. A real estate agent should be more than the person who’s helping you find a house. They should become your trusted advisor and discuss a plan that’s crafted for each individual situation.
At Team Honeycutt, all buyers are special. This year we celebrated with Jennifer’s kiddos (millennials) and their first home purchase! The journey began over 18 months ago and the preparation and waiting were worth it on closing day!
Planning to visit? Tell ’em Cabarrus Weekly sent ya!
