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Millennials: Is It Time to Buy a Bigger Home?

In today’s housing market, all eyes are on millennials. Not only are millennials the largest generation, but they’re also currently between 25 and 40 years old. These are often considered prime homebuying years when many people begin to form their own households and invest in real estate. If you’re like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making moving more desirable than ever.

For those millennials who already own a home, there’s a great opportunity to move up in 2021. Danielle Hale, Chief Economist at realtor.comexplains:

“Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.”

    Even if you bought a home sometime in the last few years, you may have more equity than you realize, and that’s a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:

    “In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”

    Growing equity can be the driver you’re looking for to fund your next move, especially if what you need in a home is changing right now. As equity builds over time, it can be put toward the down payment on your next home.

    In addition to equity gains, today’s housing market affordability is powered by record-low mortgage rates, so moving at a time when you can get more for your money may be more realistic than you think.

    If you’re a millennial thinking about moving this year, you’re not alone. Take it from this Gen X-er, there is equity in your current home. Give me a call and I can shed light on the opportunities it can create. If you don't own a home, I have a network of mortgage professionals that steer you in the right direction to making that happen.

    From my home to yours, 

    Dana

     

     
     
     
     
     

    Classic Cape Cod located on a corner lot on the sought-after River Road in Greater Hilton. Move-in ready featuring an updated kitchen with subway backsplash, quartz counters and black stainless appliances. Filled with charm from the vintage black and white tiles in the kitchen and baths to the wainscotting in the dining room. This home is dreamy in its simplicity. Lots of natural light, the back den room transforms as the sunsets. New roof and large back deck redone just this past spring, enjoy the peeks of the river. Gorgeous hardwood flooring throughout the living, dining, and bedrooms. This home will go fast!

     
     
     

     

    Curious what your home's value is today? Check out this website

    https://bhhstowne.findbuyers.com/DanaRobbins

     
     
     

    Berkshire Hathaway HomeServices Towne Realty
    Dana Robbins
    Realtor
    757-268-6675
    dana@robbinsnestrealtor.com
    www.RobbinsNestRealtor.com

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    1 Old Oyster Point Rd. Ste. 210 Newport News, VA 23602 | (757) 873-6900

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