Somerville real estate news as well as real estate news nationwide of late indicates that American homeownership is less common than it was in the past. Figures from the Census Bureau indicate that the second quarter of 2016 witnessed homeownership drop by as much as 62.9 percent, which is the lowest rate in more than half a century.
At first glance, it’s easy to assume the decline of the American Dream, yet another side of the numbers show a more hopeful view. Surveys show that as much as 62 percent of millennials might be living with roommates or renting, but almost 90 percent of them want to be homeowners. In fact, millennials represent 32 percent of the home buying market, its biggest chunk according to the National Association of Realtors.
If you’re a millennial seeking to own a piece of property in the Somerville real estate market, you might be facing more hurdles than any generation before you. Yet this doesn’t have to stop you from achieving this vital part of the American Dream. With proper preparation and the help of an experienced exclusive buyer’s agent like Buyer’s Choice Realty, you might be opening the door to your very own house in the near future.
Stay on Top of Your Finances
Before you even apply for a home loan, make sure you have your finances in order. For instance, pay off all your loans, whether that’s student debt, car payments, or credit card debt. Afterwards, try building up your savings. When you have a substantial bank account, set a realistic budget for your home purchase.
Often, pre-approval for a home loan is required before you even begin looking at homes for sale. This shows sellers and buyer agents proof of your mortgage eligibility. It also gives you a clearer idea of what you can afford, helping you avoid high financial risk when you try to purchase a home outside your budget.
Work with an Expert
Finally, find an exclusive buyer’s agent that will guide you throughout the whole home-buying process. That’s what we do here at Buyer’s Choice Realty. We can provide you with a wealth of information and advice on houses for sale in Somerville, MA. Our help is also invaluable during negotiations, so you can get a great price for your investment.
With these tips and more, there’s nothing else that could stop you from achieving and living the American Dream.