Ken Venick

Phone: 443-471-4310

ken@kenvenick.com

Owings Mills & Lutherville Mortgage
  • Home
  • About Me
  • Testimonials
  • Mortgage FAQ
  • Mortgage Blog
  • Videos
  • Contact
  • Mortgage Calculator
  • Apply Now
Owings
  • Home
  • About Me
  • Testimonials
  • Mortgage FAQ
  • Mortgage Blog
  • Videos
  • Contact
  • Mortgage Calculator
  • Apply Now
  • Home
  • Home Purchase
  • Millennial Home Buying Trends in 2019

Millennial Home Buying Trends in 2019

April 5, 2019Leave a Comment Written by Ken

Make way for Millennials. They are taking over the home-buying market, surpassing GenX and Baby Boomers, and this trend is likely to continue in 2019.  

According to a Pew Research Center article from March 2018, “Millennials, whom we define as ages 20 to 35 in 2016, numbered 71 million, and Boomers (ages 52 to 70) numbered 74 million. Millennials are expected to overtake Boomers in population in 2019.”

Millennial Home Market

Here are a few trends to expect from the Millennial generation of buyers in 2019.

Increased Competition

This is the peak time for Millennials to enter the housing marketing. They are getting older, finding stable jobs, and some are looking to settle down. It’s a good bet this means they are going to actively participate in the housing marketing, even more so than ever before. The rise is demand is going to put some pressure for the real estate market to increase the supply.

Affordability Barriers

Even though Millennial’s are starting to buy more homes than in previous years, there are several barriers to home-ownership among Millennial’s, including student debt, car loans, low credit scores and delayed marriage, among others. They often prioritizing paying off these loans, which not surprisingly, makes it tougher to save the money that is needed to make a down payment.

Interest rates have slowly been on the rise, which will also have an impact on affordability for housing. An interest rate that is at 5 percent will likely make Millennial’s re-strategize, maybe event opting for renting, rather than buying.

Millennial’s are Well Prepared

Popular home TV shows, such as HGTV, will prompt Millennial’s to do their online research. This in turn will prepare them to enter the home market with a degree of knowledge that previous generations may not have had.

They are relying on real estate professionals not to introduce them to homes, most of which they can find online, but to show them more specific things that they may not be able to find online. This may include what neighborhoods are up and coming, which properties are likely to gain value in the years to come, and guidance in the overall process of inspection and deals.

“Fixer-Upper” Homes

While millennial’s are projected to be the largest population of buyers, it’s important to remember that many of them will be buying entry-level homes. Not only that, but even the average home value is far too expensive for many of today’s millennials.

According to Zillow, the median home value in the United States currently rests at $225,300, which is a lot to ask a first-time buyer to spend on a home. As a result, more millennials will turn to fixer-uppers.

Millennials Rely on Technology

Millennial’s are living in a world that is ruled by technology. Social media and smartphones will continue to influence Millennials home buying habits. This generation relies heavily on online reviews and social media presence to make these decisions. A strong online reputation for real estate professionals is a must to get the attention of Millennials. Showcasing homes on social media, most particularly Instagram, is essential for appealing to Millennials.

Home Purchase
What Is My Starting Credit Score?
Can I Buy a Home if I Have Student Loan Debt?

Leave a Reply Cancel reply

You must be logged in to post a comment.

Ken Venick

NMLS 138175

Equity Mortgage

NMLS# 128519

66 Painters Mill Road Suite 202
Owings Mills, MD 21117
Phone: 443-471-4310
ken@kenvenick.com
Licensed in Maryland, Delaware, Washington DC, Pennsylvania, New Jersey, North Carolina and Florida

Follow Us

Visit Us On FacebookVisit Us On InstagramVisit Us On LinkedinVisit Us On Youtube

Request Your FREE Consultation Today!

    Is Your Credit Score Where You Need it to be?

    Is Your Credit Score Where You Need it to be?

    April 2, 2016

    Credit Score

    All About Credit Scores There’s a lot that is calculated into your credit score. If it’s not where you’d like it to be, we can help you to understand what you need to do to get it there. The first, and most important, number to understand is your actual score, and where it falls on […]

    Credit Card Payments credit score FICO Score Ken Venick Market Trends Maryland Owings Mills and Lutherville Mortgage Real Estate

    read more

    When to Refinance your Mortgage

    When to Refinance your Mortgage

    April 4, 2016

    Mortgage Refinance

    There are many reasons why someone would refinance a mortgage.  Some of those reasons could be: to replace an adjustable rate mortgage with a fixed rate, to settle a divorce or to eliminate FHA mortgage insurance.  Some people choose to refinance because they could save thousands with a new interest rate altogether.  Others do so […]

    read more

    Adjustable vs. Fixed-Rate Mortgage

    Adjustable vs. Fixed-Rate Mortgage

    April 4, 2016

    Interest Rates

    Differences Between Adjustable vs. Fixed-Rate Mortgage There are two types of mortgage interest rates, and your monthly payment can change drastically depending on which you choose. A fixed-rate mortgage is just that – a rate that doesn’t change. The most common terms for fixed-rate borrowers are 30 years and 15 years, but 10 and 20 […]

    Adjustable Mortgage ARM Fixed-Rate Mortgage Home Market Trends Ken Venick Loans Mortgage Payments Mortgages Real Estate

    read more

    203k Loans and Renovating Without Equity

    203k Loans and Renovating Without Equity

    April 4, 2016

    203k Loans Equity Renovation

    A 203k loan is a renovation loan for your home.  If you want to buy a fixer upper, or you just want to remodel your current home, this is the type of loan that will help you to afford it. You can buy a home or refinance your current mortgage with this loan and it […]

    Construction Loan Consumer Loans Home Market Trends Home Renovation Ken Venick Loans Mortgage Refinance Mortgages Real Estate

    read more

    Hear Ken on AHA Business Radio

    Hear Ken on AHA Business Radio

    June 23, 2016

    Equity Interest Rates

    Click the “play” button below to catch Ken Venick’s interview on AHA Business Radio! Ken shares his insights about the importance of maintaining your credit levels, about mortgage interest rates and about qualifying for a mortgage. If you have any questions, or any trouble understanding mortgage finance, listen here for Ken to clear things up:  

    AHA Business Radio Credit Cards Home Market Trends Ken Venick Mortgage Financing Mortgages Radio Interview Real Estate

    read more

    Owings Mills Mortgage Rates - Owings Mills Market Update

    Owings Mills Mortgage Rates - Owings Mills Market Update

    June 19, 2017

    Mortgage

    How are Owings Mills mortgage rates affected by the national and local real estate market? How does the local real estate market effect my financing options as a buyer? As an Owings Mills mortgage lender, I pride myself on helping my clients discover the answers to these and numerous other questions. I believe that accurate, […]

    Buy a Home dream home Ken Venick Loans Mortgage Rates Mortgages Owings Mills and Lutherville Mortgage Real Estate Market

    read more

    Weekly Review - Week of June 19th

    Weekly Review - Week of June 19th

    June 20, 2017

    Mortgage

    The stock market ended the week in “mixed” fashion with the NASDAQ Composite Index underperforming as investors locked in some profits in high-flying large-cap technology stocks. Selling was particularly noticeable in the so-called FAANG stocks – Facebook, Amazon, Apple, Netflix, and Google (Alphabet) that represent $2.36 trillion in market capitalization. Meanwhile, the Dow Jones Industrial […]

    Bond Prices Home Market News Housing Reports Market Updates Mortgages owings mills mortgage Refinancing

    read more

    The FHA 203(k) Rehabilitation Mortgage

    The FHA 203(k) Rehabilitation Mortgage

    June 21, 2017

    Mortgage

    The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy. Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because […]

    read more

    Your Guide To Renovation Loans

    Your Guide To Renovation Loans

    June 21, 2017

    Mortgage

    Popular Types of Renovation Loans Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation. WHAT TYPES OF HOMES MAY BENEFIT FROM RENOVATION LOANS? Distressed Properties Those that were in […]

    Fannie Mae Homestyle Renovation Loan FHA One-Time Close FHA Rehabilitation Loan FHA Repair Escrow Loan Fixer Upper Homes Home Buying Tips Home Improvements Home Repairs Lutherville Mortgage Lender Old Homes renovation loans

    read more

    Top Reasons to Buy a Home

    Top Reasons to Buy a Home

    July 24, 2017

    Mortgage

    Benefits and Reasons to Buy a Home As an experienced Owings Mills mortgage lender, I am proud to have helped countless individuals and families accomplish their dreams of affordable home ownership. Throughout my experience, I have come across clients with a number of different reasons for finally making the decision to purchase their own home. […]

    Buying a Home Finances Home Equity Home Market Trends Lutherville Mortgage Lenders Mortgage Payments Mortgages Purchasing a Home Real Estate Renting

    read more

    get_footer();