With Millennials making up 33% of homebuyers this year, it’s essential to understand how they will be affecting the market - and how the market will affect them. Here are a few things to keep an eye out for:
An increase in rates: We’ve enjoyed low rates, however it is predicted that this will end in lieu of an increase of rates throughout 2017.
The competition is fierce: While Millennials are mostly first-time buyers, they are competing against repeat buyers who are already familiar with the market. Along with the, less than half of Millennial homebuyers want to purchase a home, but have nothing saved for a down payment.
The options are slim: A recent study recorded that there is 3% less homes available than there was last year, which has increased home values up by 7%.
With the recent changes, homebuyers are wondering what options they have and what their best course of action should be - Millennials and other generations alike. The top things to do is to do your research, make sure you are pre-approved, and know what your “must haves” are and what you are flexible on. That will help narrow the housing your realtor provides you as well as help you understand what you are willing to fight for.