Chicago, IL (PRWEB) February 12, 2014
CF Funding is confident in the future of the housing market, and apparently so are young homebuyers. As the economy continues to improve, more millenials—also known as Generation Y—are applying for home loans and taking big steps towards their future now. According to the National Association of Realtors’ “Home Buyer and Seller Generational Trends,” Generation X is still the largest group of recent home buyers, but Generation Y and young Baby Boomers follow. Why does this information matter to realtors and home sellers? Because there are trends among young homebuyers that can help you to sell a home.
Most of us are aware that millenials are using technology in everything they do. However, many home sellers aren't taking advantage of this. Using the online marketplace to advertise your home is crucial to attract young homebuyers. Not only are they using technology to search for homes, but they are looking for a home that is capable of housing their technology. In other words, they want to know who the available cable and wi-fi providers are in the area. They want to know whether or not these providers are affordable and provide good service.
Young homeowners are very concerned about the amount of maintenance needed on a home, and look for a home that requires minimal work. They are also more interested in location than older homebuyers, as they have experienced higher gas prices throughout their lifetimes, and look for minimal travel. CF Funding expects this homebuying trend to become more popular, as shoppers look for homes near public transportation. Not only does this save money, but it is energy-efficient, and many young homebuyers are interested in going green.
According to Paul Bishop, NAR vice president of research, “Homeownership is an investment in your future, and is how many younger American families begin to accumulate wealth… The oldest of the millennial generation are now entering the years in which people typically buy a first home, and despite the recent downturn, homeownership still matters to them. The sheer size of the millennial generation, the largest in history after baby boomers, is expected to give a powerful boost to long-run housing demand, though in the short-term mortgage accessibility and student debt repayment remain challenges.”
CF Funding is excited to see the new technologies used for home buying and selling as the housing market continues to improve. If you are a millennial who is considering buying a home, CF Funding suggests you apply for a loan sooner than later, as rates will rise this year. Contact a loan specialist today at (630)328-8900!