Tips for Millennials Buying Real Estate with Meager Savings

Millennials desperately want to buy Springfield MO real estate, but severely underestimate what they need for a down payment on a home. According to Apartment List data and an article by CNBC, people in their 20s and 30s are not buying homes in droves simply because they don’t have the down payment money and credit. Eighty-percent of young people said they want to own homes. Yet, 68 percent have less than half the money saved for a down payment. Another 44 percent have absolutely nothing saved for a down payment on a home. Continue reading

Real Estate Terminology 101

When buying Springfield MO real estate for the first time as an investor or every day aspiring home owner, it behooves you to know the terminology. Real estate lingo is often confusing. Also, buying a home isn’t just about finding the right architectural design, layout and home features. It’s also about property taxes, tax deductions, mortgage rates, debt and other financial issues.

According to a recent piece by bostonglobe.com, home buyers hear a lot about the “buyer’s market,” and “low inventory.” In Springfield MO, just like other cities across America, the buyer has an advantage because of high demand and low supply. Experts point out several real estate terms crop up in home listings. Knowing the real estate lingo helps first-time buyers filter through the options. Continue reading

Avoid the Starter Castle When Buying a Home

Some experts point out Millennials make the mistake of buying a “starter castle” or a large home as their first home.

Weighing the pros and cons

When buying a home as a first-time home buyer – weigh the pros and cons of a traditional, small entry-level home vs. a large home.

Avoiding millennial home buying mistakes

According to a recent article by cnbc.com, stretching too much to afford a first home is the biggest mistake made by millennial home buyers. For the most part, Millennials buy fewer homes than their predecessors due to lower salaries, higher home prices, student loans and higher costs. Although some young people enjoy help from their baby boomer or Generation X parents, they struggle to come up with hefty down payments. By working with a Realtor to find a more affordable starter home, it’s possible to step up to a nicer home in 5 to 6 years. Continue reading

Homebuying Emerges as Top Priority for Younger Workers

Self-made millionaires often tout the virtues of homeownership as a way to practice budgeting and moderation. Saving up for a down payment on a home gives young people a great sense of accomplishment. Buying a home in Springfield MO is a top goal for a lot of millennials. According to a piece by muskogeephoenix.com, the recent 2017 Generational Research Report showed buying a home is a top financial priority for young workers. In fact, the study showed people who meet their home buying goal in the beginning stages of a career often become better money managers. Even if you don’t excel at personal finances, it’s possible to improve your credit score, save up for a house and emergencies as well as pay off credit card debt. Continue reading