There are opportunities in every real estate market, and I want to share three of them with you today.
First of all, a recent study revealed that almost 50% of all millennials in south Florida live at home. If you want to build wealth in the United States, the first step in creating wealth is to own your own home.
While this may not be possible for all millennials right now, some millennials should definitely consider packing up and buying their first home. If you have a great job, a steady income, and you’ve saved some money or have access to gift money, then now is a great time to get into a new property.
Let me tell you a quick story: When I first purchased a home, I got a 13.5% adjustable mortgage rate. Compared to today’s low interest rate, you can see that homes are more affordable. You can ask your friends and your parents what their first home’s interest rates were, and I think you will agree that even a 4% interest rate is an absolute gift to the real estate market.
Secondly, if you already own your first home, now is a great time to upgrade to your next home or maybe even your dream home. Why? If you sell your current home, you are probably selling in a seller’s market. Depending on what price range you are moving up to, you will likely be buying in a buyer’s market. So, the market currently allows you to sell in the best position possible and have more options when you go to buy.
Finally, if you are ready to retire and want top dollar for your home, you can definitely win in this market, especially if your home lines up with what millennials are interested in. Why? Right now, we have a shortage of great homes in certain price ranges. Anything under $500,000 often receives multiple offers, great prices, and great terms.
So, it is time to capitalize on these three great opportunities in our current market. If you have any questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!