If you’re a real estate agent or someone selling your home, it is likely that you’ve done business with home buyers who are millennials. More and more Generation Yers are entering the housing market looking to buy their first home. Millennials are out of school and landing jobs making them more in a financial situation where they can afford to buy a home. A fair amount of millennials are, however, finding home ownership elusive. There are still many barriers Generation Yers must overcome to make buying a home possible. The top major challenges facing millennial home buyers include the inability to afford a down payment, mediocre or low credit scores, college loan and credit card debt and the confusion about how to proceed in the home buying process. Nevertheless, millennial home buyers remain optimistic with the majority planning on purchasing a home within the next two years and also half feeling relieved and confident about the lowering of mortgage premiums in helping them get closer to purchasing a home.
Do you agree with these obstacles? What advice would you give to a prospective first time home buyer?
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Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor® CalBRE# 00476662
Certified Distressed Property Agent
Sunshine Smith, SFR, Realtor® CalBRE# 01249837
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