According to the realtor’s 2020 housing forecast , millennials will be buying the bulk of real estate in the US. Since many millenials will be entering their 30s soon, this shouldn’t be all that surprising. After all, most people buy their first home between the ages of 25 – 30.
What is interesting, though, is that homes are still being researched and bought, despite the covid-19 pandemic. Why? Well, according to point2, the pandemic is what caused this desire for a first or new home among millennials. Not only has the pandemic increased online home shopping, it is also the driving force behind a change in priorities. Before the COVID-induced lockdown, home shoppers may have been looking for condos and city apartments furnished with granite countertops and the latest appliances; now? Millenials want space.
The Quintessential Home Buyers in 2020 Are Female Millennials
According to Point2, female millennials are the ones looking to buy new homes in 2020. The pandemic has certainly made them appreciate properties that offer a lot of space. After all, when you’re cooped up in your home all day, you start to look for new areas to visit; and if your home is too small, it’s natural to want something bigger and more spacious. That said, these women understand that more space comes with a higher price tag. This is why most of them are willing to buy homes that cost between $200k – $300k.
Thinking about buying a home and not sure where to start? Sachem Capital is here to help you navigate through borrowing money and any other questions you may have. In our many years of hard money lending, we’ve come up with innovative financing solutions for challenging, or hard-to-fund loans and we understand that each borrower’s request is unqiue. We provide personal and responsive service and find creative solutions that meet your financing requirements.