Hey Millennial Homeowners It May Be Time To Sell

Dated: 08/13/2017

Views: 14

Image title


Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the home ownership rate among Millennials is finally on the rise.

Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into home ownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:


1. Equity Build-Up

Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed that:

“…homeowners who sold in the second quarter realized an average price gain of $51,000 since purchase — the highest average price gain for home sellers since Q2 2007, when it was $57,000.

The average home seller price gain of $51,000 in Q2 2017 represented an average return of 26 percent on the previous purchase price of the home, the highest average home seller return since Q3 2007, when it was 27 percent.”

2. Projected Home Price Increases

If you just got married or just found out you are about to become a parent, you may have plans to move up a bigger home or perhaps move to a different area. Waiting to buy a more expensive home in this market probably doesn’t make sense. The experts contacted for the Home Price Expectation Survey are projecting home prices to increase by nearly 5% over the next year. Yes, your house’s price will increase but not as much as a home currently valued higher than yours.

3. Projected Interest Rate Increases

The Mortgage Bankers’ Association, Freddie Mac, Fannie Mae and the National Association of Realtors are each projecting mortgage rates to increase over the next year.

Higher PRICES + Higher INTEREST RATES = LARGER MORTGAGE PAYMENTS.


Bottom Line

If you are lucky enough to be one of those Millennials who purchased a house in 2010 (or even later), now might be the perfect time to move up to the home of your dreams!

Blog author image

Nicholas Yannitelli

Nicholas is the company Inquiry Coordination Director. In this position he will contact anyone with an interest in learning more about properties and make sure you are directed to the appropriate Exe....

Latest Blog Posts

Low Interest Rates Will Have A Huge Impact On Your Home Purchase

Low Interest Rates Will Have A Huge Impact On Your Home PurchaseAccording to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate

Read More

Sedona AZ Whether You Rent Or BuyYou Are Paying Someones Mortgage

Whether You Rent or Buy…You Are Paying Someone's Mortgage Sedona AZ: There are some people who have not purchased homes yet because they are uncomfortable taking on

Read More

Buying Remains Cheaper Than Renting In 39 States

Buying Remains Cheaper Than Renting in 39 States!In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed

Read More

Oct 16 2017 38829 1

Real estate trends:http://www.premiersedonaproperties.com/blog/real-estate-trends?ts=blgPhilip TatumRealty Executives Northern Arizona928-274

Read More