Millennials are the new up and coming generation of home buyers, so there's a lot of speculation about what Millennials want and how that will affect the real estate market. Millennials have gotten a reputation for being disinterested in home buying for a variety of reasons. These myths are often not true. The truth is that Millennial home buyers are very present on the market and have, in fact, contributed to real estate market growth in recent years.
Myth: Millennials Are Too In Debt to Buy a Home
Student debt is a problem with which Millennials struggle, but this does not prevent many of them from buying homes. Millennials who want to buy a home must be savvy with their money to ensure they have the resources to take them from the earnest money check to the payment for movers at the end. To keep their expectations realistic, many Millennial home buyers turn to homes in the suburbs, where prices are affordable and quality of life is good.
Myth: Millennials Can't Afford the Down Payment
Some Millennials believe they can't afford the down payment, without realizing that there are many affordable mortgage options. Some mortgages require only a small down payment, like the FHA loan which requires a down payment of 3.5 percent. Some other mortgage options require no down payment at all, such as the USDA loan and the VA loan. Home buyers who want to know more about these loans can contact a reputable lender for information.
Myth: Millennials Don't Want to Buy
The myth for many years was that Millennials had been scarred by the housing bubble and recession, and wanted to remain renters as a result. As the housing market has continued to rebound, Millennials have become the biggest generation of home buyers on the market. The group is also growing! Perhaps Millennials got their reputation for being renters because so many were at the age when renting is common, but that has changed and many are turning to homeownership as the next phase in their life.
Contact A Real Estate Agent for Information
Millennials who are ready to buy an Anchorage home can get started by contacting a real estate professional in their area. With help from a real estate agent, many Millennial home buyers are finding it is possible to purchase an affordable home in a safe neighborhood.