The Millennial generation refers to those who were born between the early 80’s through the late 90’s. These young group of individuals have already witnessed property values soar to extreme highs only to watch the bottom fall out in the Orlando real estate market as it did for the rest of the country. That’s probably why the majority of them have been reluctant to enter into home ownership.
Many Realtors in Orlando believe that 2015 represents a great opportunity for this generation of young buyers to enter the Orlando housing market as future homeowners.
4 Reasons Why Millennials Are Ready For Home Ownership
- Lower Unemployment Rates- Much lower unemployment rates among this age group are just one of the indicators that they may be ready to buy.
- Moving Out- With the economy getting stronger, more millennials are feeling more confident about moving out of mom and dad’s house and starting a household of their own.
- Low Mortgage Rates- Government programs make it easier for 1st time home buyers by helping with the down payment enabling them to take advantage of some of the lowest mortgage rates in American History.
- They Want To Own A House- ninety three percent of this group of young adults said that one of their major goals is to own a home in the near future.
Orlando Realtors Need To Educate Young Buyers
It’s our job as Orlando real estate agents to look after our client’s best interests both young and old. However, It’s especially important in dealing with the younger generation, that we as real estate professionals take the time to educate these young buyers on what to expect from home ownership.
Many times the excitement of buying a new home can cloud a buyer’s thinking and things like maintenance expenses, utilities, HOA’s, insurance and everything else that comes along with owning a home can get overlooked. That’s why it’s so important they are made aware of exactly what they’re getting into.