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

Hey, Millennial Homeowners!! It May Be Time to Sell | Simplifying The Market

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 Credit and 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 Survey are 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!

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Susan Deierling Team

Sedona AZ Real Estate BrokerSusan Deierling, CRS, ABR
Assoc. Broker
Sedona AZ
(928) 301-4949 mobile/text/VM
susan@susanandtroy.com

Sedona AZ Real Estate BrokerTroy Deierling, CRS, ABR
Realtor
Sedona AZ
(928) 202-0700 mobile/text/VM troy@susanandtroy.com

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Sedona Real Estate News

  • Owning a Home Is Still More Affordable Than Renting One
    January 20, 2021
    If spending more time at home over the past year is making you really […]
  • Should I Wait for Lower Mortgage Interest Rates?
    January 19, 2021
    Historically low mortgage rates are a big motivator for homebuyers right […]
  • How to Make the Dream of Homeownership a Reality This Year
    January 18, 2021
    In 1963, Martin Luther King, Jr. inspired a powerful movement with his […]
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RE/MAX Sedona
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