Hey Millennial Homeowners It May Be Time To Sell

Dated: 08/10/2017

Views: 55

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

Handyman Or Specialist

Can a Handyman Handle That? 5 Ways to Tell  By Cathie Ericson | Feb 20, 2018All hail the handyman. They're just so ... handy! And yet, these jacks-of-all-trades are&

Read More

Two Ways To Get The Most Money From The Sale Of Your Home

2 Ways to Get the Most Money from The Sale of Your Home Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you

Read More

Flood Insurance

Flood insuranceRather than wait for a flood to occur, you can act now to protect your property from flood damage.If the floor level of your property or structure is lower than the Base Flood

Read More

First Time Selling A Home

First-time sellers beware: there are lots of myths out there about the right way to sell your home. While your Texas REALTOR® is your first line of defense against making these mistakes, here are

Read More