Snohomish County Millennials Dive into Home Ownership by getting creative. Since the recession we have seen a trend of 18 to 34 year olds staying at home and those who have left the next are more likely to become renters than homeowners. But, times are changing and favorable job pro-spects coupled with increasing wages are creating favorable conditions for home buyers. Many millennials who have been considering stepping out into home ownership are now ready to move forward.
Home prices have been steadily rising and are approaching pre recession values in many areas. In addition, as we know the benefit of ultralow mortgage rates won’t last forever. For now the average 30 year fixed rate mortgage was still under 4% in December (according to Freddie Mac). This equals millennials experiencing the fear of loss and causing many to jump into the home ownership pool.
|Search Homes for Sale in Snohomish County||Homes With a Shop|
|Lake Stevens Under $300,000||$300,000 to $400,000||$400,000 to $500,000|
|Marysville Under $300,000||$300,000 to $400,000||$400,000 to $500,000|
|Snohomish Under $300,000||$300,000 to $400,000||$ 400,000 to $500,000|
Interestingly, many millennials are thinking outside of the traditional real estate purchase box and attempting to cut their monthly mortgages with some rather unconventional purchases.
Snohomish County Millenials Purchase Multifamily Units - Duplex, triplex, and fourplexes. Live in one unit and rent out the others! This allows them to have a little help with their mortgage for now (in addition to having higher purchasing power), have a stable place to live without fear of rent increases, and an option to rent out their unit and perhaps become a cash flowing landlord when they are financially stable and ready to move on to a new home.
Snohomish County Millenials Purchase VRBO properties - Those who don’t want a full time tenant or who want to purchase a single family home there’s VRBO. Many Millennials are familiar with and frequently using VRBO themselves why not make a purchase with a separate living area that you can rent out at will. This works really well for buyers that are in popular vacation spots such as Camano Island or lake/river front properties. Homes that are close to recreational areas such as Lake Stevens, Stanwood/Warm Beach area, or Arlington. Also areas with frequent business travelers like Everett, Mukilteo, and Edmonds.
Snohomish County Millenials Consider Co-ownership - Buyers may want to secure more purchase power by purchasing with a friend. This co-ownership is typically short term but can be a less expensive and convenient option. There are several ways to take title on a co-ownership home, check with me for some out of the ordinary solutions.
The rising prices and interest rates we are seeing in Snohomish County right now make current home owners feel warm and fuzzy, but not someone who is considering the purchase of their first home.
These are just a few ways to get creative as Snohomish County Millennials Dive into Home Ownership. If you or someone you know is interested in purchasing a home using one of these creative ways, or is just simply ready to enjoy the benefits of homeownership, reach out to me at 425-359-0181 (call or text). I LOVE discussing options and solutions that fit your homeownership needs!
Keller Williams NWRE LLC
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