Friday, May 27, 2016

Millennial Are Starting To buy Their First Homes



Millennials have had a difficult time getting in position to buy their first home.  They did all the right things finished high school, went on to college, graduated only to find a not so great job market. Many had to take any job they could find and quickly realized that it wasn't enough to even live on only to move back in with their parents and just worked to survive.
Finally the tide is turning and we are seeing the millennials able to start to consider the idea of buying their own home, maybe with parents help with a down payment, but it is at least better to pay 2K toward something you will someday own than 2K toward something you will never own. So what are the next steps?

Step 1.  Talk to a good lender (preferably one you can sit down face to face with and speak to). Millennials tend to like the internet, but when it comes to home buying it is much better to work with both lender and real estate agent that are in the area you want to buy and who you build a solid relationship with.

Step 2.  Determine with the help of a good lender how much you can afford to buy and how much you will need to put down.  (Make sure your lender goes over all the programs you are eligible for and the different types of loans).  This way you will be able to decide what will work the best for you.

Step 3.  Find a good reputable Real Estate Agent.  Sit down and talk with them and find one you like and feel comfortable with, is honest, explains the home buying process with you and really listens to your needs and wants so they can find you the right home.

Step 4.  Go out and look at a few homes with your chosen realtor.  It will take looking at a few homes for your realtor to really understand what you like and don't like.  Be honest it is the only way your realtor can truly help you and get you looking at the right homes.

All of these steps are relationship building steps, this is one of the largest purchases you will probably make do not leave this one to the internet.  Even when looking at homes have your realtor put you on a program to see the homes you qualify for as quickly as they come on the market (every good realtor has a program).  Don't depend on internet programs, often times the homes they show are no longer on the market, sold, pending etc. and you waste a lot of time looking at things you could not even buy.

These are only the first few steps but if you find the right realtor they will walk you through the entire process and work with you hand in hand through the entire process.  ( Much of it is a lot of legal requirements so an honest reputable and knowledgeable realtor is essential)  Ask for referrals of past clients.



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