In
today’s housing market, all eyes are on millennials. Not only are
millennials the largest generation, but they’re also currently between
25 and 40 years old. These are often considered prime homebuying years
when many people begin to form their own households and invest in real
estate. If you’re like many millennials who are spending much more time
at home these days, you may have a growing need for more space or
upgraded features, making moving more desirable than ever.
For those millennials who already own a home, there’s a great opportunity to
move up in 2021. Danielle Hale, Chief Economist at realtor.com,
explains:
“Older
millennials will be trade-up buyers with many having owned their first
homes long enough to see substantial equity gains.”
Even
if you bought a home sometime in the last few years, you may have more
equity than you realize, and that’s a big factor to consider when you’re
thinking about moving. According to the
Homeowner Equity Insights Report from CoreLogic:
“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”
Growing
equity can be the driver you’re looking for to fund your next move,
especially if what you need in a home is changing right now. As equity
builds over time, it can be put toward the down payment on your next
home.
In addition to equity gains, today’s housing market affordability is powered by record-low
mortgage rates, so moving at a time when you can get more for your money may be more
realistic than you think.
Bottom Line
If
you’re a millennial thinking about moving this year, you’re not alone.
Let’s connect to shed light on the equity you have in your current home
and the opportunities it can create.