Ideal Market Conditions Spark Next Generation of Homebuyers
If you’re thinking about buying a home this year, you’re not alone. The housing market is hot-hot-hot these days. So who’s buying new homes in 2017? According to this recent report from NBC News, the answer may surprise you: it’s millennials! (Those born after 1980, typically between 18-34 years old.)
The Millennial Market
As NBC notes, “Millennials are growing up, settling down and looking to buy a house.” We’ve certainly found that to be true here at Colony Reserve. Every week, we see more and more young buyers visiting our models or contacting us for information as they look to buy their first home. The National Association of Realtors confirms this, reporting that millennials have been the largest group of homebuyers for four consecutive years. And even if they haven’t bought a home yet, most millennials want to. According to research done by Fannie Mae, 91% of renters between the ages of 25 and 34 eventually want to own a home.
Why Millennials Are Buying Homes Today
What’s behind this trend of millennials buying homes? There are a few key reasons why so many are choosing to buy — and these might be considerations for you, as well:
- Need for more space: Sometimes, you just need that extra closet or bedroom, especially when you’re thinking about starting a family. Here at Colony Reserve, our spacious townhomes are ideal for first-time buyers and young families, with plenty of room to grow!
- Financial benefits: Savvy millennials recognize that owning a home is still one of the best ways to build equity and net worth — and that real estate is still an excellent investment opportunity. According to the founder of a home equity finance company in San Francisco, as reported in U.S. News & World Report, “If you are looking at housing as a long-term investment for capital appreciation, look to generate 13 to 15 percent returns annually.” Plus, it just makes good financial sense to put your monthly home payment into something that’s yours, rather than paying that money as a renter to someone else.
- Good timing: Interest rates are still relatively low right now. But they are rising — and so are home prices, as more and more people buy and inventory is depleted. The longer you wait, the more you’ll pay!
If you’re ready to take that exciting step into homeownership, Colony Reserve is the perfect place to begin. Take a look at the “Top 10 Reasons to Live at Colony Reserve” — then come visit us for a tour of the neighborhood and our gorgeous models. We’re open every day from 10AM until 5PM. We would love to show you around and show you how easy it is to buy your new home here!