{"id":3251,"date":"2019-07-03T10:29:40","date_gmt":"2019-07-03T14:29:40","guid":{"rendered":"https:\/\/talk.talktotucker.com\/?p=3251"},"modified":"2019-07-03T11:00:10","modified_gmt":"2019-07-03T15:00:10","slug":"5-tips-to-becoming-a-millennial-homebuyer","status":"publish","type":"post","link":"https:\/\/talk.talktotucker.com\/agents\/5-tips-to-becoming-a-millennial-homebuyer\/","title":{"rendered":"5 Tips to Becoming a Millennial Homebuyer"},"content":{"rendered":"
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Here\u2019s a fun quote: \u201cMillennials: Yes, they eat avocado toast. Yes, they love their phones; and yes, they\u2019re shopping for homes,\u201d from a recent Colorado Biz magazine (cobizmag.com) article.<\/p>\n

According to the National Association of Realtors (NAR), Millennials make up the largest portion of homebuyers \u2013 36 percent. \u201cDespite being strapped with unprecedented levels of student debt and experiencing the 2008 housing market crash, millennials are ready to leap into homeownership,\u201d the article continues.<\/p>\n

Here are 5 ways they can increase their chances of purchasing a home.<\/p>\n

1. Pay off student loans and get pre-approved for a mortgage before you start the search.<\/strong><\/p>\n

\u201cIt\u2019s much harder to save for a house if you\u2019re still paying off student loans,\u201d the article states. This may mean you\u2019ll have to cut back on luxuries and dig deeper to put some money aside for a down payment.<\/p>\n

2. Decide if you\u2019re buying a starter home or your forever home.<\/strong><\/p>\n

\u201cIt may be tempting to think only short-term,\u201d the article suggests, \u201cbut don\u2019t buy a home that will only work for you for two or three years.\u201d Depending on market conditions, you may lose equity in your home over a short period of time, so it\u2019s better to buy with a longer timeline in mind.<\/p>\n

3. Decide on your must-haves and narrow down your search location<\/strong><\/p>\n

Creating a list of three-to-four must-haves makes your search easier and eliminates homes you don\u2019t even need to consider. Limiting your location to areas you can afford, thinking about your commute, resale values and school districts will help you further focus on what\u2019s important in your home search.<\/p>\n

4. Check out Down Payment Assistance Programs to help you buy.<\/strong><\/p>\n

Indiana and many other states offer a variety of down payment assistance programs. Ask your lender and real estate agent about them. These programs can help with the down payment and sometimes closing costs, and will reduce your mortgage payment by doing so.<\/p>\n

5. Understand that as a buyer, you don\u2019t pay your Realtor\u2019s commission.<\/strong><\/p>\n

According to the NAR study, only 61 percent of Millennials are working with a Realtor to find their home. This may reflect the fact that 80 percent of Millennials are first-time homebuyers and may not know that sellers pay the buyer agent fee\/commission, not the buyer.<\/p>\n

Interestingly, Millennials are also aware that owning real estate \u201ccan be a viable path to financial freedom.\u201d Therefore, some 52 percent of them are more likely than older generations to purchase a multi-family home, according to Colorado Biz magazine.<\/p>\n

\u201cIn spite of the challenges Millennials face, an overwhelming majority believe purchasing a home is part of the American Dream. Their path might be rocky and filled with holes in their roof, but Millennials are still finding ways to break into the housing market,\u201d the article concludes.<\/p>\n

If you are a Millennial hoping to purchase your first home, please contact me. I know about programs for first-time buyers, many Down Payment Assistance programs, and affordable homes in many parts of Central Indiana.<\/p>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a fun quote: \u201cMillennials: Yes, they eat avocado toast. Yes, they love their phones; and yes, they\u2019re …<\/a><\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[3581],"tags":[3599],"yst_prominent_words":[3769,3393,7184,7186,7185,7183,5711,5757,347,140,3765,4073,4627,7182,1302,4212,30,7188,7189,7187],"fimg_url":false,"_links":{"self":[{"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/posts\/3251"}],"collection":[{"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/comments?post=3251"}],"version-history":[{"count":0,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/posts\/3251\/revisions"}],"wp:attachment":[{"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/media?parent=3251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/categories?post=3251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/tags?post=3251"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/talk.talktotucker.com\/wp-json\/wp\/v2\/yst_prominent_words?post=3251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}