Hey Millennial Homeowners It May Be Time To Sell

Dated: 08/10/2017

Views: 49

Hey, Millennial Homeowners!! It May Be Time to Sell | MyKCM

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 Creditand 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 Surveyare 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.

Bottom Line

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!

Latest Blog Posts

Saving Energy

How to Replace Weather StrippingImage: PrettyHandyGirl.com When weather stripping on doors and windows gets worn out, cold air comes sneaking in. Here’s how to replace weather stripping and

Read More

Keeping Up With Everything In A Home Search Can Be Tough

It doesn't have to be.  If you have an iPhone and Evernote, this video shows you how to quickly add all the homes from your many different searches into.

Read More

Focus On Selling YOUR Home

You know the classic rule when it comes to sales, “you can always bring the price down, but it’s hard to go back up.” That sounds good in theory, but it’s not always the best way to go when

Read More

Oct 10 2017 36495 1

10 Things You Gotta Do in Fall to Skip Costly Winter #Fails Such as look for roof leaks before the first winter snow.Image: skhoward/Getty Images Share This Email This Pin This Tweet

Read More