The Key Takeaways
- All walks of life have questions about how to navigate today’s highly competitive housing market.
- You should make a move, regardless of whether you are a Gen Z first-timer or a Baby Boomer looking for downsizing.
- Questions about selling or buying? For personalized advice, contact us
How Every Generation Should Learn About Buying A Home
As Gen Z’s older generation reaches home-buying age, and Millennials account for the largest portion of the housing market. Buyers from all generations are now pondering whether it is the right time to move. Every stage of life has its unique challenges. It’s important to think about your future and consider finances before you make a decision on buying a home.
Are you looking for some advice? We can offer some smart real estate tips to every generation, from Gen Z to Baby Boomers.
Gen Z: The New Buyers On the Block
Generation Z is a group of people born after 1997. The oldest Zoomers are buying their first homes at 25 and 24 years old. Although Gen Z isn’t ready to take on homeownership yet, the socially conscious and educated generation has set goals when it comes to real property.
Homes.com has released a survey that shows that over 85% Gen Z intends to purchase a home by the age of 35. If you are a Zoomer, now’s the time to start saving and paying down any debt. You can start researching the home-buying process and learning about the different loan options. Also, you should set aside as much cash as possible to help build your down payment. If you have any questions, speak to an agent. It’s OK if your aren’t ready to buy.
The Market Trendsetters for Millennials
The 37% of home-buyers today are Millennials, who are known for their love of avocado toast and pets. After witnessing the 2008 market crash and a pandemic, as well as record-low interest rates, they are now ready to purchase.
Millennials waited much longer than other generations to purchase their first home. This remarkable shift can be attributed both to increasing student debt and the Great Recession as well as a drop in marriage and fertility rates. If you are one of many Millennials who want to stop renting and build equity, you should do a thorough research on mortgages before starting your search. You can still get assistance or loans from the government, even if you don’t have 20% down. You can increase your chances of getting the perfect place by knowing exactly how much you can afford and getting preapproved.
Many Millennials have taken on the role of first-time seller. It’s important to find the right agent if you are selling a house without any experience. Do not be afraid to interview several candidates before you settle on the “one”.
Gen X is Making a Comeback
Gen X, defined as anyone born between 1965-1979, makes up about 25% of all buyers today. Unlike Millennials, Gen X members aren’t purchasing their first home. Many are actually looking to buy a home that is more expensive than the average buyer, and many of them want to do so by upgrading.
According to a survey conducted by the National Association of Realtors (NAR), Gen X is the highest-earning generation. They tend to purchase larger, more expensive homes to support growing families. You’ll want to make the most of your equity in your home if you are one of the many Gen Xers looking to downsize, or even to buy a multigenerational house. A good agent can help you sell your house for top dollar and locate a new home that meets all of your criteria.
Baby Boomers: Downsizing…and investing!
The reality of downsizing and retiring for Baby Boomers born between 1946-1964 is now. The exciting stage of your life can present some challenges as well as unexpected opportunities. It’s important to evaluate the equity in your existing home if you are one of the Boomers contemplating a move to a smaller house. Average Baby Boomers have lived in their home for 15 years. Home values have increased by at least 50% depending on where they live.
What should you do with the extra cash you save when you move to a smaller house? If you want the sellers to take notice of your offer (and agree), consider paying cash for your new home. Your offer. As you prepare for retirement, it could be a great way to make extra income by using the equity leftover to buy an investment property.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The Paramount Residences enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach. Looking for a condo at Paramount Fort Lauderdale For Sale? Contact us today!