Consider selling your property without second-guessing the market's health; individuals are still looking for a place to call home right now. They could find what they need in your home.
The label "renter generation" used to describe today's youth may no longer apply. The biggest generation, millennials, are really a major factor in the current housing market's demand from buyers. The reasons are as follows.
Millennials' Influence as Homebuyers
While it's true that today's increased mortgage rates make it harder to acquire a house, many millennials are still ready and able to buy homes, either as their first purchase or as an upgrade. This is largely due to their high regard for formal education.
According to a recent report published by First American, today's youth may represent the most educated generation in American history. Consequently, they are more likely to earn better incomes, giving them more money for down payments on houses.
Since a person's income is a major determinant of their capacity to purchase a house, millennials may find success in their quest to become homeowners due to these salary increases.
The Demand Is Still Being Driven by Millennials
The sheer number of millennials who might one day purchase a house makes them the biggest generation, and their influence on the market will be seen for decades.
If you're considering selling your home but are hesitating because of rising mortgage rates, realize that this isn't the situation for everyone. Demand has slowed this year but hasn't stopped young adults from seeking a place to call home.
