Buying A Home is Well Worth It. Millennials have waited longer than any other generation to become homeowners, but the wait for this cohort is just about over. Millennials: should seriously consider the long-term value of homeownership.
According to National Mortgage News,
“Millennials, those young adults now aged 23 to 38, are now entering their peak household formation and homebuying years.”
If you’re a Millennial, you’re already well aware that you’re among a generation of those who favor fast-paced, real-time answers – and results. When you’re ready to make a decision, it’s go-time, and you probably want the latest technology at your fingertips to make it happen.
National Mortgage News agrees, stating,
“Millennials are different than previous generations—not only in their delayed homebuying but also in how they approach interactions with financial institutions, including mortgage lenders. Taking a picture of a check on their phone and depositing it without visiting a branch is not novel, it’s the way Millennials learned to do banking. They expect real-time access to account and transaction data and are frustrated when it’s not available.”
Here’s the catch – the overall speed of the home buying process can take some time, and it might feel like it is slowing you down. When you’re ready to buy, you can make an offer and go under contract quickly, but the rest of the process might take a little longer. The same article explains why:
“When Millennials apply for a loan, the mortgage lender must qualify the borrower and determine who owns the property, how much the property is worth, and the property’s risk profile. Traditionally, this has been one of the most time-consuming and fragmented parts of the mortgage process…There are many moving pieces, each data point being sourced from a different provider, which can ultimately lead to a lengthy or delayed process.
What has historically been accepted as the process norm does not align with the expectations of the most prominent generation in the home buying market today. Millennials have come to expect rapid, digital workflows in their daily purchase decisions, and in their mind, the home buying process shouldn’t be any different.” However, Buying A Home is well worth it.
So, where do you go from here?
If you’re pre-approved for a mortgage, that will help speed things up. But the steps it takes and the time to finalize a loan with most traditional lenders may feel like an eternity to you and your generational peers. Don’t worry, though – it’s well worth the wait when you finally get the keys to your new castle!
The financial benefits of homeownership, like increasing your net worth by building equity, and the non-financial benefits, like being able to customize and improve your space, will ultimately set you on the course to happiness, success, overall satisfaction, and much, much more.
Millennials: Buying A Home is Well Worth It.
If you’re feeling like it’s go-time, let’s get together and get the process moving to determine if homeownership is your next best step. Buying A Home is Well Worth It. Whether you are a millennial or not, buying property is well worth it. I know by experience having raised a couple of Millennials myself know that sometimes commitment can be an issue. I am not here to pick on the youth. I’m here to say that if you are in a position to make an investment in a home, you should. You may rent it out or flip it. Either way, you’ll glad that you did.
Lastly, the long term effect on your financial situation will dramatically improve. I purchased several homes in my 20’s and 30’s when I got married I married someone opposed to real estate. I didn’t buy again until I was in my 50’s This is the single worst financial mistake I made over those 20 years.
If you get anything from this post let it be that you should at least look at and investigate the possibility of property ownership. With that good day and God Bless. I’m not a realtor but If you want to comment or speak to me directly, I can be contacted HERE