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Buying a Home May Not Be As Easy as 123, Says Millenials

Posted by Marites Alma Christiansen on Sep 28, 2015 07:20 AM EDT
Home Sales Reach All-Time High In 2004 more big
PARK RIDGE, IL - JANUARY 25: With his house on the market, home-owner Jim Keating shovels snow from his driveway beyond a Coldwell Banker real estate sign January 25, 2005 in Park Ridge, Illinois. Sales of previously owned homes in the U.S. rose 9.4 percent to an all-time high of 6.68 million units in 2004, the fourth straight year that sales of existing homes had set a record. (Photo : Tim Boyle/Getty Images)

Millenials have reportedly been renting all over the country, but recent reports have emerged on them turning the tables on renting and are now looking to buy.

In an article on consumeraffairs.com, new developments on the surge of the 20s and 30s age group are actively scouring through different avenues on the lookout for their own home. Jonathan Smoke, Chief Economist for Realtor.com said, "While it is difficult to estimate the effect of Millennial buyers in the new home market, one can infer that since prices over the year have trended towards the more affordable, that some of the growth in the new homes market is a result of builders providing more affordable supply." In addition, the National Association of Realtors said true of the growing number of millenials between the ages of 21-34 have contributed to the rise in home sales as first-time buyers for August 2015 alone. From 28% in July, these buyers are to be credited for the August sales boost of 32%.

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In another article on bostonglobe.com, although the millenials are considerably the best buyers in the home market industry nowadays - they also encountered tough challenges in securing their very own home. Compromises, and other real estate lessons are important for millenials. Realtor Rich Hornblower of Coldwell Banker Residential Mortage said, "They may not exactly find what they want, where they want." Being selective on acquiring a first home for anyone, not only for millenials, requires careful planning, time and lots of patience. 

At least a credit score of 660 to 680 is essential for these first-time home buyers to have. This will allow them to qualify for home buying assistance (which is sponsored by the state) with MassHousing Mortage. They offer minimum down payments and mortgage insurance isn't required, as stated in the same article. Know more details on the report here.

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