Some of my Realtor friends asked me what I thought about the millennial home buyer market. My first thought was to smile and say nothing like I do when my female friends ask me "does this make me look fat?" I have learned that this is a trap, there is no right answer and the safest response is silence. Likewise I have often found that no good ever comes from spirited political and religious discussions either. I put the topic of millennial home buyers in this same category, opinions vary and tend to be fiercely defended.
"There is increasing concern that the combination of significant job losses over the coming months allied to the scaling back of policy initiatives in early 2021 will have an adverse impact on transaction levels," warned Simon Rubinsohn, chief economist at The Royal Institution of Chartered Surveyors.
Finally, a good real estate agent can help buyers craft a deal and assist with their knowledge of the market. For example, Olsen notes that on the West Coast it's more common to price a home low with the assumption offers will come in over asking, whereas on the East Coast it's more acceptable to make an offer below asking.
The so-called "silent generation" -- those ages 65 to 75-- bought homes in the past year with a median size of just 1,800 square feet, about 220 square feet smaller than the homes they sold. These retirement-age buyers paid a median of 250,000, nearly 30,000 more than the home they sold. In some cases, the higher purchase price likely reflects the profits from the sale of their previous home, in other cases a desire by upscale buyers for luxury finishes and amenities.
Advice on the ideal size of a down payment can be maddeningly inconsistent. Programs aimed at first-time homebuyers through government agencies such as the Federal Housing Administration and traditional banks will let you make a down payment of 3.5 percent, or even less, on your first home. In fact, the median down payment among millennial homebuyers, those ages 18 to 35, was 7 percent, the National Association of Realtors' Home Buyer and Seller Generational Trends Report found. You can also get help from state and local homeowner assistance programs.