A shortage of houses available for purchase is causing real estate prices to increase in many communities. Buyers are discovering if they don’t act decisively once they’ve found a property that suits them, they could wind up disappointed.
Every home is individual, so it’s helpful to be ready to make a competitive offer when you spot a residence that’s right for you. Knowing how much you can spend while maintaining realistic payments is crucial to completing a smart transaction.
Young Americans in particular are excited about their home buying prospects. Baby boomers’ children – the “millennial generation” – now are between the ages of 18 and 34, and ready to make their mark on the world.
READY TO OWN
Currently they’re entering the prime period of life for starting a household and buying your own place. Sheer numbers could mean a rush by millennials to buy houses would have a big impact on real estate markets.
Today the millennials are a larger demographic group than the baby boomers. And a recent survey reveals that millennials want ample living space.
About 90 million Americans are millennials. “An onslaught of this group into the housing industry could create a boom larger than anything the U.S. has ever seen before,” observes Yahoo! Finance.
Escalating rents also are encouraging millennials to buy homes. Their baby boomer parents are supportive, since they’re eager for their offspring to set up their own households.