Interested but have no Sufficient Funds to Buy a Home
However, NAR also reported an increase in first-time home buyers which are made up of millennials between 25 and 34 years of age. The problem with this growing segment among home buyers, according to NAR officials, is that they are not on par with the middle class americans of the 1970s, 1980s or 1990s – even though they are considered as the middle class of today. In fact, Millennial’s, Home Buying, Naperville (IL) fits right with the description of the modern middle class Americans. Realtors fear foreclosures on mortgages ever since the 2008 economic downturn and we already know what caused that to happen.
The Census Bureau thinks that the population of millennials between the ages 25 to 34 will increase by half-a-million people per year (on average) starting 2016 – 2020! The NAR also discovered that millennials between 25 and 34 years of age who can only afford to rent houses at the moment expresses a strong desire to own a home in the future. This report echoes with Millennial’s, Home Buying, Naperville (IL).
The Government wants to Excite the Real Estate Market
The federal and local government are keen on taking advice from financial experts and according to them, people need to buy and sell their homes in order to jump-start the house market once again. They encourage people to do this through the Federal Housing Administration (FHA) housing loans and they even clamp down mortgage premiums and accept lower credit scores just to make ends meet. This move will allow the government to match people’s income and give them room to breathe all the while they can still afford to own a home! Millennial’s, Home Buying, Naperville (IL) have significantly increased thanks to the FHA and their people-friendly programs.
Focusing on the Longterm Benefits
It’s true that people in Illinois as well as the rest of the country are struggling to find jobs or get a pay grade higher than $10/hour. It’s also true that the $15 minimum wage has yet to be signed into law in the State of Illinoise; however, the strong desire of Millennial’s, Home Buying, Naperville (IL) signals a huge potential on sales in the real estate market in 5 – 10 years time. The economy will inevitably steamroll back into its peak performance and it doesn’t matter if it may take a decade or two. What’s important is that realtors understand millennials and their home-buying preferences as well as their financial limitations and soon enough, this will become a huge market for them to profit.
And most importantly everybody gets what they want!
In a Nutshell
The general characteristics of the Millennial’s, Home Buying, Naperville (IL) are less cash for a down payment and low credit scores, but they are more than eager to start small and buy up over time. Also if you’re a realtor, you need to be careful not to generalize, stereotype or profile these millennials as “cheap buyers” you will lose more clients that way. If you want to succeed with this clientele, then you need to show them the same respect as you do with the high rollers. You need to be flexible and able to keep up with changing tastes and technology.