Homeownership is on the goal list for so many young adults, and it is sometimes hard to understand how to getting there. That’s why understanding the homebuying process is important to know from the pre-approval, to down payment assistance options, and uncertainty along the way can ultimately hold some buyers back.
Millennials and Gen Z Homebuyers
There are over 75 million Millennials and 67 million Gen Z’ers in the U.S., making up a significant number of both current and soon-to-be homebuyers. A recent Fannie Mae survey of more than 2,000 of these individuals:
“88% said they are confident they will achieve homeownership someday.”
The survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
- <50% say they want to use their home as an asset
- 78% believe it’s the best way to live the way they want, without restrictions
- 80% believe homeownership is the best way to make it on their own
Whether homeownership goals come from the heart or are driven by financial aspirations (maybe both), the obstacles standing in the way don’t have to bring these dreams to a screeching halt. The same survey also reveals two key roadblocks for potential homebuyers. Here is a look at these two challenges potential homebuyers face today:
Two Challenges Potential Homebuyers Face Today
1. 73% of future homebuyers are unaware of low-down-payment mortgage options
For those who want to purchase a home, low-down-payment options are important know in affording a home sooner rather than later.
Connecticut has options available of to help relieve this pressure. Understanding what’s out there and the options available may help many buyers become homeowners faster than they thought possible. In a year like this, with historic low record-low mortgage rates being able to take advantage of the opportunity buyers have right now is essential to long-term affordability.
2. 64% of buyers expect lenders and other real estate professionals to educate them about the mortgage process
While many people love to do a quick search online to find instant answers to their questions, it isn’t the only way younger generations want to consume information or build their knowledge base. As the survey mentions, having trusted professionals help them learn what it takes to achieve their dreams is definitely on their wish list too.
If you are aiming for homeownership someday, it may be in closer reach than you think. Let’s talk today so you can learn about the process and get the guidance you need to make it happen.
Make sure to checkout my First Time Homebuyer Guide that takes you through all the steps in buying a home as well that will help you in fully know what to expect in the homebuying process.
I am committed to the real estate market to make sure you have all the information you need to make your next move. Review all the information I have put together for you here on my website. If you would like more information on any issues of concern as well please contact me. I look forward to hearing from you. Have a great day.