What if I told you that a massive wave of buyers is coming? What if I told you that they are dying to own a home but there is not enough inventory to meet their demand. Would it incite you to act? It should.
Age 33 is when we start to form households. Look at the graphic below. The blue line indicates growth in the age bracket that is reaching the age of household formation over the next 5-7 years.
There is a wave of buyers coming and they want to buy. What’s holding them back? Education. In this article from Housing Wire, three things stood out for me:
- The average home buyer in the age bracket of 23-28 years old believes that you need 37% down to purchase. (Actually, you can purchase with as little as 3.5% down)
- Respondents in this survey believe it takes, on average, 72 days to close a purchase (I just completed a purchase for a borrower borrowing over $1 million in 24 days.)
- Even though those aged 23-38 hate to talk on the phone, more than half wanted an in-person mortgage experience. Call me today. I would be happy to sit down with you and dispel all the myths you’ve been told about buying a home
Read more here: https://www.housingwire.com/articles/49923-why-arent-more-millennials-buying-homes-a-bunch-dont-understand-mortgages/