From understanding the homebuying process to pre-approval and down payment assistance options, uncertainty along the way can ultimately hold some buyers back. Today, millennials and Gen Z’ers are a significant number of both current and soon-to-be homebuyers. According to a recent survey of more than 2,000 of these individuals: “88% said they are confident they will achieve homeownership someday.” In addition, the survey also reveals that for younger generations, the motivation to own a home may be more emotional than financial compared to previous generations:
Less tan 50% say they want to use their home as an asset
78% believe it’s the best way to live the way they want, without restrictions
80% believe homeownership is the best way to make it on their own Whether homeownership goals come from the heart or are driven by financial aspirations (or maybe both), the obstacles standing in the way don’t have to bring down these dreams. Challenges potential homebuyers face. The same survey also reveals two key roadblocks for potential buyers. Thankfully, they’re both easily overcome with the power of knowledge and trusted advisors leading the way. Here’s a look at these two challenges potential homebuyers face today: 1) 73% of future homebuyers are unaware of low-down-payment mortgage options For those who want to purchase a home, low-down-payment options are instrumental to affording one sooner rather than later, especially given the amount of debt many younger adults have accumulated. Among the challenges they face is an unprecedented amount of debt, along with a lack of understanding of the mortgage process and their own purchasing power. Debt, in particular, creates many obstacles such as a limited ability to save and the fear of taking on more debt. Today, there are payment programs available to help relieve this pressure. Understanding what’s out there and the options available may help many buyers become homeowners faster than they thought possible. In a year like this, with record-low mortgage rates making their mark in the history books, being able to take advantage of the opportunity buyers have right now is essential to long-term affordability. 2) 64% of buyers expect lenders and other real estate professionals to educate them about the mortgage process While many people love to do a quick search online to find instant answers to their questions, it isn’t the only way younger generations want to consume information or build their knowledge base. Having trusted professionals help them learn what it takes to achieve their dreams is definitely on their wish list too. If you’re aiming for homeownership someday, it may be in closer reach than you think. Contact a real estate professional to learn about the process and get the guidance you need to make it happen. Síguenos en Facebook Instagram YouTube COLDWELL BANKER MÉXICO