Some Highlights:‘Old Millennials’ are defined as 25-36 year olds according to the US Census Bureau.According to NAR’s latest Profile of Home Buyers & Sellers, the median age of all first-time home buyers is 31 years old.More and more ‘Old Millennials’ are realizing that homeownership is within their reach now! … [Read more...]
Are the Kids Finally Moving Out?
During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around. According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the … [Read more...]
This Time “Mr. Wonderful” is just WRONG!!
Recently, on CNBC’s Closing Bell, Shark Tank investor Kevin O’Leary, also known as “Mr. Wonderful,” said Millennials “don’t give a poo-poo about owning a house.” This thinking couldn’t be further from the truth. Let’s give a few examples to make this point. 1.) In the recent National Housing Market Survey conducted by Fannie Mae, it was revealed that: “…data indicates that millennial renters today have as much desire to own a home as the general … [Read more...]
Are You Wondering What It Takes To Buy Your First Home?
There are many people sitting on the sidelines trying to decide if they should purchase a home or sign a rental lease. Some might wonder if it makes sense to purchase a house before they are married and have a family. Others may think they are too young. And still others might think their current income would never enable them to qualify for a mortgage. We want to share what the typical first time homebuyer actually looks like based on the National Association of REALTORS most recent Profile of Home Buyers & … [Read more...]
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