Millennials have faced their fair share of challenges when it comes to home buying–they continue to flood the market, while dealing with higher interest rates and home prices, plus the struggle to save for a down payment while renting.
It was reported that 67% of millennials regret not buying a home when rates were lower; however a remarkable 78% of millennials are still open to the idea of buying a home–even if it means navigating higher-than-average mortgage rates and making some compromises.
Today I’m sharing a few clever ways I’ve seen millennials get started on their home buying journeys, despite the setbacks.
Getting in the game
Buying a home just to get into the game, living in it for two years, then using the proceeds to level up to a more desirable home. The key here is to start building equity — then keep going!
House hacking
Buying a duplex or home with a mother-in-law suite and renting it out on airbnb or to a longer term tenant to reduce costs.
Creative financing
Looking into creative financing options – there are some incredible loan programs that offer reduced or 0% down payments. (We’d be happy to connect you with a stellar lender who can put together a few great options!)
Recasting
I’ve seen some paying slightly over the asking price to seal the deal then recasting or refinancing their mortgage at a later date to reduce monthly payments. (Of course, it’s critical to not overextend yourself).
If you and/or someone you know is interested in taking the first steps towards owning your own place, contact one of our agents. Your path to homeownership could be closer than you think!
