Memphis Millennial Home Buyers, buying a home might be top of mind for you. Your generation is the largest group of homebuyers in the market today. And has been since 2014, according to the National Association of Realtors (NAR). While other Memphis TN millennials are looking to buy for the first time, you may be one that has outgrown your home.
Memphis Millennial Home Buyers. If that’s the case, you’re not alone. The past two years have brought significant changes for many people. And homeowners are reevaluating what they truly need in a home. Download our home-buyers-services-and-guide As a recent report from the Wall Street Journal states:
“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”
So, if you’re working remotely or simply a need for additional space, it may be time to move. Even if you purchased your current home several years ago, you can still move into a home that has the space and features you want. 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 home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”
Growing equity can be the key you need to fuel your next move. Especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale. That can be used toward the down payment on your next home.
In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.
If you’re a Memphis Millennial Home Buyer thinking about moving this year, you’re not alone. Let’s Talk 901 799 0299 www.mbrealtymemphis.com today to discuss the equity you have in your current home and new home opportunities.