Many Americans have been fortunate enough to enjoy the unforgettable experience of buying a home and others look forward to that important milestone. After deciding on a dream home to buy – or a slightly-less-than-ideal home at today’s high prices – homebuyers start to tackle that long to-do list to take care of their new home and maximize their enjoyment of their new nest.
Millennials are living at home longer to avoid paying high rent or to save for their own down payment. This is not news. Millennials are even asking their parents to refinance their own home in order to help with all-cash offers to win bidding wars. You may have already heard about this one also.
We can all agree that home buying is a rewarding and exciting journey, but it’s not without bumps along the way and anxious moments. While 78% of all non-homeowners in America say they want to buy a home (ValueInsured July 2017 Modern Homebuyer Survey), 72% of potential homebuyers say they expect to experience stress during the home-buying process.
We don’t know when it began, but the American Dream seems to have earned itself a bad name, or at least the accusation of being irrelevant. We all have heard the American Dream is dead –here, here, and here – in too many headlines to list; a report just released last week declared 75% of Americans are losing faith in the Dream, and that just 1 in 5 say they are living it.
Many industries have been betting heavily on Millennials as their movers and shakers. Want box-office successes? Make a blockbuster Millennials would want to watch. Marketing electronics, cars, sodas, or vacation experiences? Make sure they appeal to Millennials, the largest generation in U.S. history and the lead consumers and influencers for seemingly all things. But how about housing? Nope – at least not yet.
We have all read the headlines: Millennials feel pessimistic about their future; Millennials are the gloomy generation. But according to the latest quarterly Modern Homebuyer Survey by ValueInsured, Millennials reported to be rather upbeat, at least when it comes to their outlook on the American housing market and their prospects of achieving the American Dream.
Millennials do not want to live in the same white picket-fence house for 40 years – it’s fair to say this is something that has been safely established. But a few recent reports and the latest ValueInsured Modern Homebuyer Survey provided new insights that shed more lights on this next-generation cohorts, their priorities, and how that may affect their plans to become homeowners.
Homes prices are rising in many parts of the country, competition is fierce, and Spring 2017 has been called the "strongest seller's market ever". We know this because, well, we have not exactly been living under a rock. But do we know how Millennial first-time homebuyers are coping with the red-hot market?
It seem the world has been waiting for Millennials to grow up. To be old enough to drive (and to spend $ billions on buying cars), to get jobs, to buy homes. This year, the oldest Millennials turned 36-years-old, and more than 6 in 10 Millennials have turned 26, putting them squarely in prime home-buying years.
First-time and experienced homebuyers alike are eligible to participate in the Mortgage +Plus program, offered by First Heritage Mortgage, which protects down payment funds in a homebuyer’s first three-to-seven years of their mortgage.