Some Millennials love their apartments or living rent-free at “La Maison of Mom and Dad,” but experts predict young people will lead a new housing boom.
For people contemplating whether or not to buy or rent in Milpitas, San Jose and Silver Lake, California, it’s becoming clear that owning is a better investment at this time. The question, “Should I buy a home right now?” isn’t just about your personal situation, but about the overall housing market trends.
- Getting in at the beginning
No one wants to be the last person to buy in a housing boom just like no one wants to buy stocks at the top of a bull stock market. Typically, people who buy early in a housing boom lock in at lower new construction prices. They often realize positive home equity in a short amount of time.
- Buying into the right community
According to a recent article by CNN Money, the improving job market and pent-up demand for housing coming from people in their 20s and 30s could lead to the next housing boom. A recent study by Harvard’s Joint Center for Housing Studies cited by CNN Money shows that Millennials could form 24 million new households by 2025. It’s important to buy into a popular community with entertainment and easy access to shopping and work.
- Enjoying historically low rates
Another reason young people can feel good about buying a home now is because of the low mortgage rates that will likely go up. Interest rates have been low for so long that many Millennials take them for granted. Their grandparents can tell them about what it was like to have double-digit mortgage rates.
If you are looking to buy a home contact us at Trumark Homes. We will partner with you through the home-buying process and offer assistance even after you have moved in.