It May Be Time to Sell. Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise .Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
1. Equity Build-Up.
Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions , in their Q2 2017 U.S. Home Sales Report revealed that:“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”
2. Projected Home Price Increases
If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.
3. Projected Interest Rate Increases
The Mortgage Bankers’ Association , Freddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.
If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams!
Source: “Keeping Current Matters.” Keeping Current Matters, Keeping Current Matters, 10 Aug. 2017, www.mykcm.com/2017/08/10/hey-millennial-homeowners-it-may-be-time-to-sell/.
Author:Shelley Snow Team Phone: 717-587-2953 Dated: August 10th 2017 Views: 29 About Shelley: SHELLEY SNOW, REALTOR, SRES, ASP
Shelley obtained her Realtor license in 1993 and is a true veteran...
RE/MAX Pinnacle embodies an enviable combination of entrepreneurial energy, comprehensive industry experience, and local market knowledge. This mix allows us to “out national” our local competition; thanks to our exceptional professional team and world-class infrastructure, and “out local” our national competition thanks to our laser-like focus on the specific markets in which we operate. Our highly productive team of residential sales specialists has elevated us as a leader in the many communities served throughout Central Pa. Our agents receive ongoing training and education, and they go above and beyond to deliver the diligent and ethical standard of care we are committed to providing. Contact our office anytime at 717-569-2222.
"Brian Weiland was a pleasure to work with. He kept us in the loop at all times when we were going back and forth with the buyers. There was a lot going on with the estate but thanks to Brian and his team we were able to get our dream home. Please call Brian Welland for your real estate needs."