Homebuying for millennials today can be tricky. They have to deal with a shortage of supply, rising mortgage prices, and other problems concerning homeownership.
If you’re one of these people, you might be doubting if it’s really a good time to buy a house. According to the National Association of Realtors or the NAR, the largest group of homebuyers today are those on 25-40 years old–the millennials.
Your doubts are valid. Many people’s lives have changed significantly in the last two years, and today’s homeowners are rethinking to give up on their dream home sjust to get a realistic ones which they can sustain. According to the previously published Wall Street Journal report:
“They claim that the epidemic and the rise of remote employment has accelerated already-existing millennial home-buying habits.” . . . Millennials who already owned homes upgraded to a larger home.”
So, if you’re currently working remotely or in need of more space, it might be time to consider getting a new house bigger than what you have today. Even if you bought your existing house recently, you could still move into a new one with the desired area and features. This is because you may have more equity than you know. As CNBC’s Real Estate Correspondent Diana Olick points out:
“Throughout the Covid-19 epidemic, property values skyrocketed, giving Americans unprecedented housing wealth.” . . . Even those who did not put their homes for sale saw their equity grow. At the end of last year, almost 42% of homeowners were rated equity-rich, meaning their mortgages were half or less than half the value of their home.”
Growing your equity can be the catalyst for your next move, especially if you want to buy a bigger house. When you sell your current home, you can put the equity you receive from the sale toward a down payment on your new property.