214-597-3800

Sean Moniri

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Generation Rent is Ready for Home Ownership!

Millenials ready to purchaseMillennials are ready to purchase homes finally; after 10 years of declining numbers according to a University of Southern California study.  This is fantastic news for the housing market and fantastic news for millennials as they shift from renting to owning.  A certain shift from 2014 when Pew research reported that for the first time in 130 years, individuals between the ages of 25-44 were more likely to be living with their parents vs. owning a home.

One of the stunning statistics I came across reading a Bank of America study was total lack of understanding of what is actually available to millennials; their perceptions of what it took to own a home was incredible; here’s what it showed:

-30% of millennials believed they need 20% down to get a mortgage

-31% believed they needed 10% down

-Only 5% believed they needed 5%

-6% were simply unsure

That represents 72% of all millennials!  Yet most millennials that do in fact obtain a mortgage pay around 3%!

Until recent times, the factors that contributed to both the realities as well as poor perceptions of one’s ability to own a home were:

  1. Increase in Debt
  2. Unemployment rate
  3. Increase in rental costs leading to decrease in ability to save for a down payment
  4. Credit requirements after the mortgage meltdown
  5. Lower inventory of starter homes
  6. Getting married later- lack of dual incomes to go on mortgage

As I wrote in a prior blog, times are changing for the good.  It’s amazing what a positive outlook does for politicians, investors/Wallstreet, business owners and of course, the stock market.   Low down and no down payment mortgages are truly helping millennials obtain their goals

My advice to the millennials is simple: roll up your sleeves, get with someone that truly knows what they are talking about and define your point “A”.  Meaning, if you want to own a home, don’t be embarrassed about anything: what your bank account says, what your credit score is or what limitations you think you might have.  It’s important to get it all out on paper; some may find themselves in their own home right away, some very soon and for the rest, they are left with a clear path to point “B”, an exact game plan.

Next week I will reviewing interest rates and inventory; thanks for reading!

Posted in: Blog, Mortgage, Mortgages, Real Estate Tagged: Bank of America, credit score, homes, housing market, investors, Low Down No Down Payment Mortgages, marriage, millennials, purchase

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ABOUT AGENT

After graduation with a Finance Degree from University of Texas at Arlington, Sean found his passion for real estate in 2007 while working with two national home builders.

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TESTIMONIALS

“He has been great to work with, found us the perfect home. Answered all of our questions and was always available to us. I would highly recommend."

Adam Sabo
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CONTACT US

Sean Moniri
5045 Lorimar Drive, Suite 180
Plano, TX 75093
214-597-3800

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Each Office Independently Owned and Operated. JPAR Franchising LLC. is an Equal Opportunity Employer and supports the Fair Housing Act.

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