You know the Greater Tucson real estate market is hot—Realtor.com ranked Tucson as its ninth strongest market in 2017. And last year, the millennial generation made up the largest group of homebuyers—34% of the total buying pool. That said, allow me to share some expertise regarding the current housing market and how millennials can move in:
Rely on technology
As you know, this is about being tech-savvy and searching out low property prices online. Then along with today’s record low mortgage interest rates, it is time to invest rather than rent.
Look for home perfection
Real estate now is about “living the American dream home.” Both the housing bubble and the Great Recession are behind us. So, dream on about your fixer-upper or new home!
Get as much information as possible and use assistance—Familiarize yourself with a Multiple Listing Service (MLS) such as the one offered by the National Association of Realtors.
Look for big kitchens, a home office, open floor plans, and energy efficiency. Understand the neighborhood and think of resale value. Keep in mind that homes do not appreciate at the same pace. Basic considerations are: cost, crime, schools, and public transportation.
Do the numbers
Typically, lenders follow the rule that mortgage, property taxes and insurance should fall below 28% of monthly gross income. Finding that sweet spot requires a financial plan. Do what you can to boost your down payment. The more you put down, then the more loans you are eligible for at lower interest rates!
Inspect your potential property
You need to know a home’s true condition. Hire a home inspector to look over both the structural and mechanical aspects of a property. That means they’ll report on mold, lead-based paint or asbestos, along with construction issues.
Finally, since Millennials trail baby boomers and Generation Xers in household ownership, expect that statistic to change rapidly!
Whether you are a millennial searching for your first home, dream home, or want to acquire an income property, RJ Homes Real Estate Group is a knockout team of real estate professionals to help you surpass your real estate goals.
Do you have questions about buying a home? The RJ Homes Group is here to help! Contact us or give us a call at 520.333.7777. Find the right home at the best price.