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In today’s housing market, all eyes are on millennials. Not only are millennials the largest generation, but they’re also currently between 25 and 40 years old. These are often considered prime homebuying years when many people begin to form their own households and invest in real estate. If you’re like many millennials who are spending much more time at home these days, you may have a growing need for more space or upgraded features, making moving more desirable than ever.
For those millennials who already own a home, there’s a great opportunity to move up in 2021. Danielle Hale, Chief Economist at realtor.com, explains:
“Older millennials will be trade-up buyers with many having possessed their first houses long enough to determine substantial equity gains.”
Even if you bought a home sometime in the last few years, you may have more equity than you realize, and that’s a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:
“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the last year. This marks the largest average equity gain since the first quarter of 2014.”
Growing equity can be the driver you’re looking for to fund your next move, especially if everything you need in a residence is changing right now. As equity builds over time, it can be placed toward the down payment in your next home.
In addition to equity gains, the current housing market worth is powered by record-low mortgage rates, therefore moving in a time when you can get more for your cash may be more realistic than you think.
Bottom Line
If you are a millennial considering going this season, you are not alone. Let us connect to shed light on the equity you have in your existing residence and the opportunities it can create.
This post was originally posted on Simplfy the Market