Tina McManus' Blog
Some of the reasons why the young ones are not buying a home are the high student debt, affordability among others. We are going to discuss the primary reasons why young people are not buying a house in this article. Here we go:
One of the main reasons why millennials are not into real estate investment is a substantial financial implication. The home affordability for first-time buyers decreased to about 92.5 in 2018 according to NAR – National Association of Realtors. The index was 109.3 in the year 2015. A value of 100 shows that a family has what it takes to qualify for a median-priced home.
High level of student debt
Another reason why many young people could not afford a home is the high level of student debt. In the United States, student debt reached $1.5 trillion, and it is one of the factors that are hindering young people from investing in real estate. Apart from high student debt, they also have to deal with meager wages. The NAR report explained that more than half of the homebuyers who are below the age of thirty-eight that student debt is one of the significant factors that delayed their home buying. Apartment list shows that graduate that does not incur student debt will save for 7.6 years at 20% down payment to get home while those with debt will have to save money for more than 11.6 years.
If you are wondering why young people cannot afford a home, one of the reasons is stricter lending conditions. Financial institutions have tightened credit underwriting to minimize risk. The rise of house prices does not favor the young ones who are planning to buy a home. They will have to accumulate enough cash over a long period to enable them to afford a house. The Bank of America noted that those within the age of 25 to 35 years commenced their career at the time of financial crises when the labor market and economy were recovering.
Not Married Yet
The delay before getting married and having children means that young people are not considering getting a home sooner. The CDC (Center for Disease Control) reports that the mean age of a first-time mother is now 26.6. They discovered these findings in 2016; they added that the average age might increase when we consider the women in urban areas as well as college-educated women. According to the Census Bureau, getting married and having children are life events that trigger buying a home.
As a young person looking to buy a home, you should speak to a financial advisor and a reputable real estate agent to plan towards owning your own home.
16 Dane St, Beverly, MA 01915
16 Dane St, Beverly, MA 01915
24 Whittier Meadows Dr, Amesbury, MA 01913
When you’re trying to sell your home, there are a few mistakes that could make or break completing the sale of the home in a timely manner. While some things like a tough market or a home with a lot of extra-special features are out of your immediate control, there are plenty of things that you can do when it comes to selling your home. Read on for expert selling tips on what to avoid when your home is going on the market.
Your Home Is Overpriced
Overpriced homes tend to sit on the market for a longer period of time. This is because buyers can see that the price isn’t right and are waiting for a price drop. It’s so easy to overestimate the value of your home as well.
When a home sits on the market for a longer period of time, buyers also wonder if there’s something wrong with the home. Was there a botched inspection? Does the home need major work that’s not visible to the naked eye? An idle home sale leaves buyers wondering, and your home still left on the market.
As far as price goes, if your home has been sitting on the market, you’ll need to consider dropping the price in a timely fashion if the price isn’t right. You also should be open to bargaining with buyers. In the grand scheme of selling a home sometimes being stubborn with $5,000 doesn’t pay off in the end.
You Didn’t Clean Before A Showing
When your home goes on the market, you’ll need to do a deep clean of the home. This could mean shelling out some money for a professional cleaning service. Buyers want to see homes that are in pretty good condition. It’s hard to picture living in a place where there’s a lot of dirt and clutter. If you need to, put some of your stuff in storage for the showing. Buyers need some vision to help them decide on the home that’s right for them. You can help them to find that vision with a spotless house.
Using Subpar Photographs
When it comes to selling your home, you want the best possible photographs to depict your property. Most home buyers start their search online these days and high-quality photographs are the best first impression of your property that you can give. A few cell phone pictures just won’t cut it. If you can’t get professional photographs done to sell your home, you might want to find someone with a more professional camera or a bit of amateur photography skills. Buyers are focusing on the pictures way more than they are the words in descriptions for online listings. Find the best way to give buyers an overview of your property in images with a good impression.