On the House
Charlie Lawson – GCS Title
Bank of America released its inaugural Homebuyer Insights Report and there was a stat that really jumped out at me: 35% of the people 18 or older surveyed who want to buy a home in the future say they plan to retire wherever they buy. Some of our parents – and probably a lot of our grandparents – lived in one home for most of their adult lives, but the last few decades have seen people buying, selling and moving every 3-7 years. Here are some of the other responses to the survey questions along with some important talking points that we as real estate professionals need to be sure consumers hear and understand:
32% of Millennials said they will wait to pay down debt before buying a home
We need to stress that paying off debt isn’t the only aspect of qualifying for a mortgage and how important it is to make an overall plan for debt, credit and payment-preparedness. “Waiting to pay down debt” doesn’t mean you’re qualified – there are more pieces to the puzzle.
66% of Millennials said they would likely need assistance from their parents to buy their first home
It’s important to include rules and parameters for gift money as well as highlight and publicize the various down payment assistance programs available in our state, cities and counties.
75% of first-time homebuyers said they would skip bypass a starter home in favor of something more desirable
Going from renter to homeowner is a big step for anyone, so making a larger leap from the starting block will require more strategic planning. Again, talking to a lender far in advance of when a consumer *thinks* they’ll be ready to buy is the best way to learn about and maximize opportunity.
My team and I are here to help our Realtor and Loan Officer partners communicate the current conditions and issues in our market as well as help spread the word about the incredible benefits of homeownership. Let’s talk!