Is the Pandemic The Best Time for Millennials to Buy? via Vice.com
In the last few years, it has been increasingly difficult for Millennials to enter the real estate market due to the climb of home prices, paying for rent while trying to save for a downpayment, and of course, salaries being lower than ever.
We are seeing interest rates at an all-time low, benchmark rates dropping, and with the vast decrease in sales volume and a slight dip in pricing of homes in the current market (with pricing expected to drop a bit more), the pandemic may have opened the door a little bit more for Millennials trying to purchase a home.
That is not to say to jump the gun and to go out and buy a home tomorrow, especially if you are not ready and have not done your homework. BUT now is the good time to get all your ducks in a row. Start looking at what exactly your budget is, what are you able to get pre-approved for, how do you feel about your job security amidst the pandemic? Figure out these details and keep a close eye on the market over the next few months. Being a first time home buyer in this market may work out to your benefit to get a “deal” on your first place due to the combination of Frist Time Home Buyer incentives and rebates and lowered mortgage rates.
I read an interesting article posted on www.vice.com yesterday that really puts all of this into perspective. As a Millennial myself it is a good and informative read for those of you Millennials or those of you who are not but are first-time home-buyers and are really trying to get into the market.
The article covers even more things to consider such as your relationship status, are you with a person who you feel comfortable making such a financial commitment with? Do you think you will need to sell in the next few years? All great things to consider not just now, but whenever you are purchasing a home. Read the full article from Vice here.
If you are looking to get into the market as a first time home buyer, contact me directly and we can chat more about what your options are and what the best approach is for you!