If you are a millennial, buying your home today might be right for you.
Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR).
The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home.
Recent report from the Wall Street Journal :
“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”
So, if you are working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you are looking for. That is because there is a good chance you have more equity than you realize.
Diana Olick, Real Estate Correspondent for CNBC, notes:
“The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”
Growing equity can be the key you need to fuel your next move, especially if you are looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale can be used toward the down payment on your next home.
Stay Tuned for More Homebuying and Homeselling Help with Tim from Newington Connecticut
Steve Schappert The Connecticut Real Estate Broker
Call and Text Steve Schappert 203-994-3950
Email Broker@CTREB.com
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You are a concerned homebuyer or homeseller and you need to know what is happening in your housing market so you can make the most informed decisions possible.