Millennials: Do You Need a Home with More Space?
If you're a millennial, you might be thinking about buying a house. According to the National Association of Realtors, your generation is the largest group of homebuyers in the market now, and has been since 2014. (NAR). While many millennials are hoping to buy their first house, you may be one of the many who has outgrown your current residence.
You're not alone if this is the case. Many people's lives have changed dramatically in the last two years, and today's homeowners are rethinking what they really need in a home. According to a recent Wall Street Journal report:
"They claim that the pandemic and the rise of remote work has accelerated already-existing millennial home-buying trends." . . . Millennials who already had a home upgraded to a larger home."
So, if you're currently working remotely or just need more space, it might be time to relocate. Even if you bought your existing house recently, you can still move into a new one with the space and features you desire. That's because there's a high chance you own more property than you think. As CNBC's Real Estate Correspondent Diana Olick points out:
"Over the course of the Covid-19 pandemic, home values skyrocketed, giving Americans unprecedented housing wealth." . . . Even those who did not put their homes for sale saw their equity grow. At the end of last year, almost 42% of homeowners were considered equity-rich, meaning their mortgages were half or less than half the value of their home."
Growing your equity can be the catalyst for your next move, especially if you want to buy a bigger house. When you sell your present home, the equity you receive can be used to put toward a down payment on your future property.
In other words, you may have more purchasing power than you realize, making a move to a larger home a viable choice. That, combined with your changing demands, may make relocation now more appealing than ever.
You're not alone if you're a millennial considering relocating this year. Let's talk about the equity you have in your existing house and the possibilities it can open up.