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Advice for the millennial homebuyer in South Florida!

Millenial Buyers

Advice for the millennial homebuyer in South Florida!

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millenial homebuyers

Advice for the millennial homebuyer in South Florida!

Whether you are looking to make South Florida your permanent home, or are planning your first seasonal residency, REALTOR.com® just published a great article about millennials buying his or her first home.

According to Angela Colley, “Millennials—we’re kind of a different breed, aren’t we?

Whether we’re choosing a rough-around-the-edges urban neighborhood over a white picket fence in the burbs, or slathering our sandwiches with handcrafted white truffle mayo, this generation does things a little differently from our predecessors.

And when it comes to buying a home, we millennials need different advice, too. We’ve been dubbed a “generation of renters.” But actually we want to buy homes! If anything, we’re more interested in buying a home than other age groups.”

Colley adds, “The thing is, we’ve got bigger financial hurdles, bigger debts (read: massive student loan burdens), and generally smaller salaries than most Gen Xers or baby boomers. So the traditional advice may not cut it for us first-time buyers.

We need something, well, handcrafted for us. Here’s what to keep in mind if you’re a millennial in the market for your first home.”

Colley suggests:

  • It’s the economy, stupid
    Buying your first home is scary, but knowing what’s going on in the economic world around you can help soothe some of those fears—or at least help you prepare to face those fears head-on.
  • Tackle those student loans ASAP
    Before you jump into saving for a down payment or pre-qualifying for a mortgage, you should get a handle on your biggest debts.
  • Boost your credit
    Millennials have an average credit score of 625—lower than both the national average and the average for every other generation, according to a recent study by Experian.
  • Get that down payment ready
    Much like Rome, down payments aren’t built in a day. As soon as you know you want to buy, start working on your down payment. Aim for 20% of the purchase price so you can avoid that pesky private mortgage insurance.
  • Suck it up and ask for help
    We know—you’re so independent. But everyone needs help every once in a while.

A good place to start is with a mortgage broker. Even if you aren’t ready to buy tomorrow, a good broker will be happy to help you navigate the path to homeownership.

Sound advice? What are your thoughts South Florida? What else would you recommend? Leave your comments on our blog!

We here at Water Pointe Realty Group just love to share helpful and interesting information, and assist potential new residents discover that being a Floridian is a unique lifestyle. We are looking forward to communicating with our past, present, and future clients from Stuart, Hobe Sound, Tequesta, and Jupiter waterfront homeowners. Please make sure to visit our Home Buyers Services page to give you some great information about the first steps to becoming a client with Water Pointe Realty Group.

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Soon, you too, could say, #thisisthelife

Article by: Jeannie M. Ferrara

Video Courtesy of Realtor.com®: https://youtu.be/8TQC987BSiU

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