All eyes are on Millennials in today’s housing market. Millennials are the largest generation, and they are currently between 25 and 40 years old. Which is a perfect time to move into a larger home! If you are like most of us who are spending a lot of their time at home, you might have a need for more space for a designated home office or upgraded features. Or maybe your family is growing, and you need more bedrooms.
For millennials who already own a home, there’s great opportunity to move up this year. Danielle Hale, Chief Economist at realtor.com, explains:
“Older millennials will be move-up buyers with many having owned their first homes long enough to see substantial equity gains.”
If you purchased a home in the last few years, it’s likely you have more equity than you realize, which is a huge factor if you are 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.”
When looking to fund your next move, equity can be a great driver. As your equity grows over time, it can be put towards your down payment. This can help you buy a bigger house than you would otherwise not buy.
Bottom Line for Millennial Homebuyers
If you’re a millennial looking to move into your dream home, you’re not alone! Whether you’re a move-up buyer or a first-time homebuyer, moving may now be more realistic than it was before. Connect with our team today to discuss how to make your next move and how your equity can benefit you.
Topics: Home Equity, Buying a Home, millennial homebuyer
