Spring Buyer Guides / Tips for Younger Homebuyers: How To Make Your Dream a Reality!

May 11, 2024 8:00 am

Tips for Younger Homebuyers: How To Make Your Dream a Reality


       
 

If you’re a member of a younger generation, like Gen Z, you may be asking the question: will I ever be able to buy a home? And chances are, you’re worried that’s not going to be in the cards with inflation, rising home pricesmortgage rates, and more seemingly stacked against you.

While there’s no arguing this housing market is challenging for first-time homebuyers, it is still achievable, especially if you have professionals on your side.

Here are some helpful tips you may get from a pro.

1. Explore Your Options for a Down Payment

If a down payment is your #1 hurdle, you may have options to give your savings a boost. There are over 2,000 down payment assistance programs designed to make homeownership more achievable. And, that’s not the only place you may be able to get a helping hand. While it may not be an option for everyone, 49% of Gen Z homebuyers got money from loved ones that they used toward a down payment, according to LendingTree.

And chances are you won’t need to put 20% down (unless specified by your loan type or lender). So be sure to work with a trusted mortgage professional to explore your options, find out how much you’ll really need, and learn about any guidelines on getting a gift from loved ones.

2. Live with Loved Ones To Boost Your Savings

Another thing a number of Gen Z buyers are doing is ditching their rental and moving back in with friends or family. This can help cut down your housing costs so you can build your savings a whole lot faster. As Bankrate explains:

“. . . many have opted to stop renting and live with family in order to boost their savings. Thirty percent of Gen Z homebuyers move directly from their family member’s home to a home of their own, according to NAR.”
3. Cast a Broad Net for Your Search

When you’ve saved up enough, here’s how a pro will help you approach your search. Since the supply of homes for sale is still low and affordability is tight, they’ll give you strategies and avenues you may not have considered to open up your pool of options.

For example, it’s usually more affordable if you consider a rural or suburban area versus an urban one. So, while the city may be livelier and more energetic, the cost of living may be reason enough to look at something further out. And if you consider smaller homes and condos or townhouses, you’ll give yourself even more ways to break into the market. As Colby Stout, Research Analyst at Bright MLSexplains:

“Being flexible on the types of home (e.g., a condo or townhome versus a single-family home) and exploring more affordable neighborhoods is important for first-time buyers.”
4. Take a Close Look at Your Wants and Needs

And lastly, an agent can help you really think about your must-have’s and nice-to-have’s. Remember, your first home doesn’t have to be your forever home. You just need to get your foot in the door to start building equity. If you want to buy, you may find making some compromises is worth it. As Chase says:

“An open-minded approach to house-hunting may be one way for Gen Z homebuyers to maintain some edge. This could mean buying in areas that are less expensive. Differentiating needs vs. wants may help in this area as well.”

An agent will help you prioritize your list of home features and find houses that can deliver on the top ones. And they’ll be able to explain how equity can benefit you in the long run and make it possible to move into that dream home down the line.

Bottom Line

Real estate professionals have expertise on what’s working for other buyers like you. Lean on them for tips and advice along the way. As Directors Mortgage says, with that support you can make it happen:

 

The path to homeownership may not be a straightforward one for Gen Z, but it’s undoubtedly within reach. By adopting the right strategies, like exploring down payment assistance programs and sharing living costs with relatives, you can bring your dream of owning a home closer to reality.”

 

Let’s connect to get you set up for long-term success.

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As you know, I’m a Licensed Real Estate Agent. However, I work a little differently than other agents. Most agents typically serve only one market. I can help you buy or sell a home anywhere in the U.S.! 

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As a Relocation Specialist with Realty Connect, I belong to an nationwide network of over 25,000 top-rated agents serving every zip code in all 50 states. Instead of helping you buy or sell a home personally, I help match my clients with up to 3 great agents who specialize in your market. The best part? This is a 100% FREE service, so there is no cost, pressure or obligation! With my experience and connections, I can quickly help you find the perfect agent better than what most people are able to do on their own.

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Tips for Younger Homebuyers: How To Make Your Dream a Reality [VIDEO]
Hey, Gen Z. While becoming a homeowner may seem out of reach right now, options like down payment assistance programs and more can help make it possible. With the right tips and the help of an expert like me, it may be more achievable than you think. Let's make it happen together and this video will help!
#homeownership #realestategoals #firsttimehomebuyers #generationalZhomebuyers #genzhomebuyers #Homebuyers #RealEstatewithMrG

(Click here or above graphic to see video)
Want to chat or write?
Call/Text; 757-876-7443, Email: chris@realestatewithmrg.com

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Tips for Younger Homebuyers: How To Make Your Dream a Reality!
[PREVIEW VIDEO]

On the May 12th Video Podcast of “Real Estate with Mr. G, we will discuss - Tips for Younger Homebuyers: How To Make Your Dream a Reality!
Topics include: Options for Down Payment, Cast a Broad Net, Close Look at Wants and Needs, and MUCH, MUCH MORE!
Wonderful episode for the younger generation, but it will help the older as well!
#homeownership #realestategoals #firsttimehomebuyers #generationalZhomebuyers #genzhomebuyers #Homebuyers #RealEstatewithMrG

See you at 7 pm on Monday
As you know, I’m a Licensed Real Estate Agent. However, I work a little differently than other agents. Most agents typically serve only 1 market. I can help you buy or sell a home anywhere in the US!

As a Relocation Specialist with Realty Connect, I belong to an exclusive (nationwide) network of over 25,000 top-rated agents serving EVERY zip code in ALL 50 states. Instead of helping you buy or sell a home personally, I will help match you with up to 3 great agents that specialize in your market.

The best part? This is a 100% FREE service, so there is NO cost, pressure or obligation! With my experience and connections, I can help you find the PERFECT agent better than what most people are able to do on their own.
Ready to get started? Great! Please tell me a little more about your real estate goals by completing my referral request form. I look forward to helping you find a great agent! https://realtyconnect.pro/christopher-garguilo

Please feel free to contact me anytime with your Real Estate needs.  

Christopher Garguilo, Broker Associate, Licensed Referral Specialist
Realty Connect LLC
Scotland Square
Hampton, VA 23669
757-876-7443 / chris@realestatewithmrg.com

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