Born between 1980-2000, this growing group of consumers aren’t likely to settle for anything less than their dream, sometimes choosing to bike instead of spend extra on a car or living with their parents until they have saved enough for a down payment on the perfect home. Economic predications are looking hopeful, and 2017 is forecasted to trend up in job creation and wages.
The money and time Millennials have spent on education will finally be paying off with a recovering job and housing market. The call for more entry level houses is being led by Millennials who have been conservative financially in the past. They’ve had time to pay off student loan debt and are ready to make a home investment that they previously shied from.
For those diligently biding their time in Tampa for the perfect dream home, Fair Oaks may be a perfect answer. One of the hottest markets in the area, it’s the perfect place to buy a first-time home. Another hot housing market in Tampa is the Temple Crest area. A 30-year fixed loan is at 4.29% and is forecasted to rise to 4.5% this year, but not exceed 5%. Of course, there are no guarantees, but with a bit higher borrowing costs, Millennials are getting creative with their mortgage negotiations. Some are asking sellers to cover more closing costs to bring less to the table or pay points initially for a lower rate. Adjustable rate mortgages can also be an option for those starting new careers who will make more and can pay more down the road.
At Cowen Property Group, we understand the sacrifices people make for their dream homes, and we can help you find yours. Whether you are a millennial looking for your first home or a baby boomer looking to downsize, we can help! Give us a call today to see what’s available and how we can get you in the perfect home.