Housing habits may have shifted as a result of the pandemic, as more families expand their households to multiple generations. Meanwhile, other trends are showing their staying power.
Despite the changing real estate landscape and pandemic-related economic challenges, millennials once again led the way as the largest share of homebuyers for the eighth consecutive year.
A substantial bulk of millennials between the ages of 22 and 30 plus half of their older peers were first-time homebuyers. The younger cohort of buyers had recently shared a home with their parents or relatives before making the leap into homeownership themselves.
The path to homeownership has been made more difficult and more accessible. Buyers are facing low inventory, but they are also enjoying historically low interest rates. In 2021, however, interest rates have risen by modest amounts.
Nearly 6 out of 10 younger buyers faced an uphill battle in finding a for-sale home that fit their needs. When it’s all said and done, less than half of recent homebuyers said finding their perfect home was a major challenge.
Millennial buyers sought out homes within the suburbs with a strong preference for homes near their workplaces, a recent survey of home-buying habits showed. They dread long-commute drives and cherish being near family and friends.
If you’re in the same boat and are thinking about buying a home in the Twin Falls area, we can help. There’s a lot of excitement bubbling up across the region. People are taking notice of all the wonderful attributes and destinations that make Twin Falls unique and appealing. As you embark on your next adventure and welcome a new beginning, consider the possibilities in Twin Falls. Contact us today to learn how easy it is to obtain a mortgage loan program that’s designed with your goals in mind.