STUDY: 44% OF MILLENNIALS ARE FINANCIALLY OFF-TRACK FOR FIRST-TIME HOMEBUYING

Study: 44% of Millennials Are Financially Off-Track for First-Time Homebuying. For prospective homebuyers, an onslaught of jargon paired with figuring out how to finance a new home can be overwhelming. Millennials, in particular, might experience more trouble considering that many properties may be out of their reach.


A study was done and over 1,000 millennials were surveyed about their experiences before, during, and after purchasing their first home.

The Path to Homeownership

 

Many millennials may feel the pressure to purchase a home sooner rather than later. Homeownership is often advertised not only as a major life milestone but also as a testament to one’s maturity.


However, keeping financially secure throughout the process should be more important than trying to race against an imaginary deadline.


Millennials who had yet to purchase a home believed they wouldn’t be ready to do so for another two-and-a-half years. Their hesitation seems fair, considering 44 percent said they weren’t on track to meet their homebuying goals.


For millennials who want to purchase a home with a significant other, the path to homeownership should likely start with a conversation about goals and expectations. Thirty-one percent of millennials said they wish they had talked to their significant other sooner when it came to homeownership. Men (41 percent) were more likely than women (22 percent) to wish they had brought it up sooner.

Making the Right Financial Decision

Everyone dreams about their perfect home. Some may even hop onto listing sites for opportunistic browsing. Daydreaming, however, may do more harm than good if it’s acted on. In fact, nearly one in five millennials admitted they’d searched for homes that were financially out of their reach.  More than one in four millennials ended up paying more than they expected for their first home.



 

Remaining Hopeful

 

Despite the financial hardships millennials presently face, many still remain hopeful. Nearly 20 percent of those surveyed admitted they still actively search for housing options despite being financially unable to own a home. Nearly a third of millennials also attended open houses for fun. The majority (77 percent) said they house hunt occasionally, even though they have no plans to buy (or can’t buy at that time).


While homebuying can be a little overwhelming, staying optimistic and setting realistic goals are simple steps first-time buyers can take to make sure they stay on track. With the purchasing process taking an average of about five months, there’s no need to rush into anything.

Plan for Buying Your First Home

The dream of homeownership is very strong in this country.  We get  calls and inquiries every day from all kinds of people looking to get into the market, from early 20-somethings to people who recently divorced or separated and would like to stay in the real estate market after their matrimonial home is sold, to immigrants who owned a home in their native country and want to buy a home as soon as possible. 


We also get a lot of millennials reaching out.  A lot of them don’t know if or how they can buy.  For millennials, it’s very important for them not to get discouraged.  Buying a home may seem like an impossible task, given the prices in Durham Region and the GTA, but not impossible.  The key is to have a plan.  That’s where we come in.

Are you a millennial?  Are you shopping for a home?  Are you an older homebuyer?  You can contact me at one of the phone numbers or email address below if you think you would like to become a homeowner but don’t know how or where to start.


 

Thanks for reading today’s BLOG!!!

Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com

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