How First-Time Buyers Can Successfully Infiltrate a Competitive Real Estate Market
According to the Realtor.com’s “2020 Housing Market Predictions”, millennials are wolfing down much of the real estate in the United States. This spring, the largest generation in the country had their slice of mortgage originations transcend an unparalleled 50%, outpacing the share of total residences bought by members of both Baby Boomers and Generation X, and a respective 17% and 32%.
Realtor.com’s study showed that millennials, once plagued by ambivalence or inability to purchase homes, has started to reexamine their aspirations. As millennial families blossom, Realtor.com foresees that millennials’ interest in “family-friendly lifestyles and affording housing” will exceed their prior affinities. This conversion in priorities is compelling this age group to contemplate novel prospects in housing, omitting lavish and accessible urban condos for modest, mid-size city apartments and suburban dwellings. As roughly 4.8 million millennials will be turning the big 3-0 this year, many will be considering serious life choices, such as starting a family. Hence, novel financial and domestic prerequisites may likely be the momentum they need to commence their hunt for a new abode.
In order to fruitfully plunge into the competitive real estate market, there are a few things millennials must do first.
1) Get pre-approved for a mortgage. One of the chief strategies to ready yourself for a competitive market is becoming pre-approved. Pre-approval will assist you in understanding which dwellings are realistically within your price range and unearths a more critical appeal to sellers eager to evade hiccups and setbacks with finalizing mortgage.
2) Utilize online tools. In a ruthless market, it’s vital to swiftly pounce on a property, but it is equally as vital to unearth new listings as quickly as possible. Nowadays, the bulk of buyers make use of third-party real estate sites like Zillow, Trulia, and Realtor.com to inspect and receive updates on new or existing houses currently on the market.
3) Have patience. Chances are, it will take time for you to find your dream home. Nonetheless, if you maintain a consistent search, the right home will appear before you know it.
Homes for Sale in New Jersey
If you are a millennial and are searching for your dream home, look no further than Will Alfaro Properties! Will Alfaro and his team specialize in making the homebuying process as smooth and efficient as possible for your family. We have the finest homes for sale in Northern and Central New Jersey including surrounding communities in Bergen, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union, and Warren. Contact us today to speak to an agent.