Millennials Don’t Live In The Basement & Other Tired Tropes
Millennials Are Now The Largest Group Of U.S. Home Buyers
Do you have to let it linger?
Your stereotypes of Millennials, I mean.
Because this narrative that they’re all back at home, living with their parents’ is a crock.
Millennials are all over this American Dream thing and the National Association of REALTORS® just backed it up with some cold, hard facts.
The trade group just published its 2018 Home Buyer and Seller Generational Trends Report and there’s enough information in there that’ll make you say “whaaaaaaat?”
Like, did you know:
- Millennial home buyers now account for 36% of all U.S. home buyers, more than any other age group
- Millennials spent 8 weeks looking for homes, which is the fewest of any other age group.
- 43% of Millennials made a down payment of five percent of less, the highest percentage of any age group tracked by the survey.
So, what does all of this tell us?
It tells us that Millennials are buying homes all across the country, and they’re the generation that moving housing markets ahead.
So, drop that trope that Millennials are living at home in the basement. It’s tired.
Instead, recognize that Millennials are getting it done and it’s one of the reasons why this year’s housing market has held so strong.
Today’s Mortgage Rates
Still haven’t found what you’re looking for with mortgage rates?
Today might not be your day.
Mortgage rates are up overall with deterioration across conforming loans, FHA loans, and jumbo loans, and in VA and USDA loans, too, which are almost always the cheapest of the lot.
Your actual mortgage rate will vary, though, based on how much you borrow, the loan type you choose, and the lender you pick to work with.
Your credit score will matter, too. In general, higher credit scores result lower rates, but that’s not always the case.
Specifically with FHA loans.
So, talk to your lender about your mortgage loan options and make the choice that works best for you and your goals.
Homebuilder Confidence Opens Door For Buyers
Falling slowly. Probably the best way to describe the confidence U.S. builders have in the future of U.S. housing.
And, that’s alright for now because it opens a window for buyers of new construction homes.
According the most recent Housing Market Index, published monthly by the National Association of Home Builders, builder confidence is down one point over the last thirty days, affected mostly by a drop in traffic through model units.
Builders are booking fewer showings which, they believe, will lead to a reduction in the number of new homes sold over the next six calendar months.
For buyers, this presents opportunity.
Remember: home builder confidence hit all-time monthly highs in December, January, and February, and now for March, there’s a bit of a pullback.
Inventory’s up, sales are flat, and builders are expressing less confidence in their ability to sell their homes they have for sale.
That may make it possible for today’s buyers of homes to negotiate concessions, which leads to a better price.
If you’re in the market for new construction housing, talk to your real estate agent and make yourself a plan.
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