Look who’s moving into the neighborhood! The new kids on the block are unloading their moving trucks and are here to stay. The increase in competition for a home is a huge talking point in the real estate industry now. The kicker? The largest age groups looking for a home primarily consist of the younger generations.
Why the Younger Generation Is Moving In
The year 2020 has been filled with many surprises. One of them is the high demand for homes that is still as prevalent in the fall as it was in the summer. The next surprise? The younger generation is the largest demographic looking to buy a home. Interested in taking advantage of low mortgage rates, millennials and Generation Z are now finding themselves more drawn to homeownership than ever before.
Younger generations are the top groups searching for a home
The affordability of the housing market is drawing in buyers across all age ranges. Younger buyers are seeing the benefits of growing their wealth by investing in a home. While millennials are currently the largest group searching for a home, members of Generation Z are now starting to search for a place to call their own. Millennials, however, are in the ideal time range of their lives to be searching for a house that can increase their current wealth.
Demand for homes is extremely high
Home sales usually decline near the end of the year, but September saw some of the highest numbers yet. Mortgage rates are lower on average than in years past, which makes buying a home more accessible to a variety of buyers. Additionally, due to record low interest rates and an abundance of buyers on the market, we are seeing a high demand for homes expanding across multiple generations. Even vacation homes are highly sought after as jobs transition to working from home permanently.
Assistance for the new buyer
There are many steps that go into buying a home—and if you are a member of a younger generation or even someone who has purchased a home before, you may be feeling a little overwhelmed by the process. Certain skills are necessary for securing a home that satisfies all of your wants and needs at a reasonable price!
Buyers should be prepared for mortgage loan applications, bidding wars, and having a certain amount of resiliency to find the perfect home. A real estate agent can assist in the process of finding your first home.
Jim Dolanch Is Here to Assist the Younger Generation
Even if you aren’t a first-time buyer, it is important that you have a seasoned real estate agent who can assist you in this competitive market. Whether you are a member of the younger generation or if you’ve been around the block once or twice, you can trust us to help you find your next dream home! If you have any questions about first-time home buying or the Pittsburgh area, contact us today.