If you’re a millennial, houszbuying might be top of mind for you. Your generation is the largest group of houszbuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your housz. If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, houszowners are reevaluating what they truly need in a housz. As a recent report from the Wall Street Journal states:
"They say the pandemic and the emergence of remote work accelerated millennial housz-buying trends already under way. . . . Millennials who already owned houszes traded up for more space."
(Note: I found in life that trading up for more space is not the right move, trading for location... is. Always consider location.)
So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current housz sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBC, notes:
“The stunning jump in housz values over the course of the Covid-19 pandemic has given U.S. houszowners record amounts of houszing wealth. . . . Even houszowners who weren’t listing their properties for sale were gaining equity. About 42% of houszowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their housz.”
Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger housz. When you sell your current housz, the equity that comes back to you in the sale can be used toward the down payment on your next housz.
In other words, your purchasing power may be greater than you realize, making a move to a larger housz a realistic option. That, plus your changing needs, might make moving now more desirable than ever.
Bottom Line If you’re a millennial thinking about moving this year, you’re not alone. Let’s connect today to discuss the equity you have in your current housz and the opportunities it can create.