In the real estate market today, the Y generation is the focus of the eyes of real estate market participants. But the millennial generation is not only bigger than generation Y, it is also in a very interesting age range for the real estate market, between 25 and 40 years old.
These are often considered the first years of buying a house, when many people start to form their own families and invest in real estate.
If you are like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making the move more desirable than ever.
For millennials who already own a home, there is a great opportunity to buy a larger home in 2021. Danielle Hale, Chief Economist at realtor.com, explains:
Even if you've bought a house in recent years, you may have more equity than you realize, and that's a big factor to consider when you're thinking about moving. According to the Homeowner Equity Insights Report f from CoreLogic:
In Q3 2020, the average owner has gained approximately $$ 17,000 in equity over the past year. This marks the highest average equity gain since the first quarter of 2014.
Increased equity can be the motivator you are looking for to finance your next move, especially if what you need in a home is changing now. As equity increases over time, it can be used to pay the down payment on your next home.
In addition to equity gains, the affordability of today's housing market is fueled by mortgage rates records, so moving at a time when you can get more for your money can be more realistic than you think.
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Conclusion
If you are a millennial thinking about moving this year, you are not alone. We will be connecting with you to clarify the entire process of buying a new home, or how to sell your current home to buy a bigger one, and all the opportunities that this can create.
Are you in doubt?
Now that you know a little more about the behavior of the real estate market during recessions you can consider investing in vacation homes in orlando. To take advantage of all the tips we have brought to you and to go even deeper, you can talk directly to our relationship agents. They are always happy to talk to you with any questions you may have about investing in Florida.
In this text we approached the theme the behavior of the real estate market during recessions because it is interesting for those looking to invest in Florida. If you want to read more content like the one we brought in this article, just stay tuned here on our blog.
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