We’ve heard all of this craziness about millennials making their stamp in the real estate market in a big way. It’s true. They are. But that’s not without their challenges and roadblocks. I mean, it’s not like millennials already have that down payment and reserves in place to qualify for a home loan and move right in! So, needless to say, while the millennial movement of the real estate market is trending, for at least the past couple years, it’s certainly not pushing the market where it needs to be.
But the Good News Is as 2018 Continues Forward, Millennials Will Find Their Footing in the Real Estate Market in a Big Way
So says many experts already. It just so happens that we’re at a pivotal point in the lifespan of a millennial as a professional with growing incomes that they get more and more ambitious. As we head more and more into 2018, and the real estate market continues to grow in inventory, you can expect to see this group of hungry buyers make up a respectable 43% of all home purchases by the end of 2018. That’s impressive.
That’s not bad compared to this current year’s 40%. Let that sink in. 3% goes a long way in just one year, translating to potentially thousands of new homes built and sold.
The important thing millennials need to keep in mind is to not wait. Act now. Mortgage rates will climb a bit — by about 5% — once we reach the end of 2018. This is all due to economic growth, inflation, and monetary policy normalization.
So the Bottom Line Is This: If You’re a Millennial, Don’t Sit on Your Hands
Get aggressive. One aspect of how our market’s going to grow is this: new home building. But it’s all for naught if the buyers aren’t there, and we’re counting on you, millennials, to bring the coin! You just need to sign up now with the H.O.P.E. Program and get started!