Generation Progress, a national progressive advocacy and action network for young people, recently cited data from the Bureau of Labor Statistics which shed positive light on the Millennial labor market - especially for ages 25 - 34. Older Millennials have a much higher percentage of labor force participation than the national average.
Buying a first home could be a reality for many Millennials who are actively working and earning better salaries than years past. If you have already been planning on buying a first home - is it really time to take the plunge?
Buying a home is more complicated than it seems. The home you may be able to afford now, may not be your forever home. The most common type of home purchased remains the detached single-family home. The best approach is to weigh your options on whether to buy a starter home or keep saving for purchasing down the road.
Mortgage rates are low - so it is a terrific time to buy. Sales are rising, supply is dropping, and prices have increased in many areas. Compared to next year, today's market may be a bargain. If you choose strategically - you may be making a wise investment that will build future value.
Do the math. You may have enough money stashed away for a down payment, but that does not include closing costs, property taxes, maintenance, homeowner’s insurance, utilities, landscaping, etc. It is estimated that maintenance and repairs can total 1 - 2% of your annual mortgage costs.
So how does a Millennial move forward? Take a deep breath and compare your budget with your expectations. Consider things like your potential family size and your job/income flow. Compare the total amount of money you will be spending over time, and subtract the potential value you may receive if you someday sell the property.
Most starter homes are only intended to be lived in for 5 years. Many young buyers are looking for close proximity to urban areas. There are so many factors to consider when buying a starter home, and the decisions are not easy. We believe in homeownership, but realize that loans bring stress and responsibility. However, you may look back over your decisions in life and be disappointed by the opportunities that you passed on. Get out there and explore, dream, and discover. Don't be afraid to take chances when the timing is right.READ MORE
Earlier this week Travel + Leisure named Charleston, SC the top city to visit in the world. Readers also named Charleston as the No. 1 city in the U.S. and Canada for the fourth consecutive year. Charleston took top marks in the categories of sights/landmarks, culture/arts, restaurants/food, people/friendliness, shopping and value, scoring 91.66 overall. The magazine said on its website, “In addition to historic battlegrounds and jasmine-scented streets, Charleston is home to award-winning hotels ... and restaurants. Antebellum charm, excellent boutiques, and the beautiful waterfronts at Sullivan’s Island and Folly Beach make this city one of the most beloved in the U.S. — and now, the world.” This award will no doubt continue to draw visitors to Charleston – a beautiful costal city with a growing port, cruise ships, and major industries such as Mercedes-Benz, Volvo, and Boeing. As residents of the Tri-County area, we must continue to maintain the quality of life in our area by working together. Change is inevitable, but we must continually adapt to that change to keep the city of Charleston as beautiful and charming as it has been for centuries.
Top 10 Cities for Millennial Home BuyersREAD MORE
Growing concerns about bug-borne illnesses and overexposure to harmful rays have boosted the appeal of the screened porch, which offers a protected, front-row seat to nature.READ MORE
Home prices continued their steady ascent in March, according to data released Tuesday by S&P/Case-Shiller.READ MORE
If you love your pets like we do and want to help shelter pets in need, then please join the Matt O’Neill Real Estate Team with our Annual Pet Helpers Donation Drive.READ MORE
The American Institute of Real Estate Professionals has designated Matt O'Neill Real Estate as a 2016 10 Best Brokerages in South Carolina For Client Satisfaction!READ MORE
The Wall Street Journal’s #1 Ranked High-End Team in Charleston, SC
“At Matt O'Neill Real Estate, our first core value is integrity and we ALWAYS put our client's needs before our own. This is the reason over 1/2 of our business comes by way of referral and why we are one of the top-selling real estate teams in the country."