Shelter is among the four basic human needs along with food, water, and air. It is no wonder that many people choose to invest in real estate before their retirement. Surprisingly, more younger generation are seeking a realtor nowadays. According to a news article from WCHS TV news article, millennials have bought 40% of Seattle homes in 2022. Today, we will look closely at the reasons that prompted these young people to prioritize buying a home of their own.
Pandemic as a Catalyst
Based on Zonda’s 6th annual millennial survey, about 98% of millennials want to have a property if they could. The recent onslaught of the Covid-19 pandemic has had a huge influence on this mindset. During the lockdown, millennials found more time to reassess their financial situations given many were getting hired with high salary tech positions. They are at their prime age to invest in many things, and that includes real estate properties.
Working from home made people realize how important it is to have one’s own space. Millennials living with their families probably had to deal with plenty of background noises during virtual meetings. Not having your own space also implies not having the liberty to design your work-from-home workstation. Some might even think about settling down as uncertainties made their presence felt. All of these may have prompted the trend of purchasing a house at a young age.
Why Millennials Aspire to be Homeowners
Lockdown or not, several studies show that millennials are highly interested in property investments. Below are some of the top reasons why millennials are consulting a real estate agent for properties to buy:
Building Equity
There are two ways to have a house in Seattle: to rent or to buy. Owning a home is a wise long-term investment that provides financial stability and builds wealth by increasing your net worth. Compared to renting, homeownership enables millennials to accumulate equity instead of paying rent and contributing to the landlord’s equity. Given the significant rise in rental costs over time, owning a home is a more financially beneficial option.
Life Stage Transition
Millennials are young adults. They are nearing the phase of their lives where they should feel accomplished. Apart from a good investment, buying a real estate property is also a good idea for those who plan to move to another city or start a business in a given area.
Settling Down
Many millennials who are buying homes today do so because they are planning to settle down soon. A home is very important when it comes to raising a family. Thus, seeking the assistance of a realtor in Seattle becomes an item on many young adults’ bucket lists.
Market Value
Real estate properties are known to have a consistent raise in market value every year. Millennials see real estate properties as one of those possessions that grew market value with time. In a sense, they can either have the property rented or sell it. Either way, they will gain a lump sum of profit.
Ownership
Some millennials, on the other hand, prefer to buy homes for the sake of ownership. They do not plan to sell it several years later or have it rented. They want the house for themselves. Sharing a house with one’s parents since childhood can prompt the feeling of wanting to have “something you own”, and a real estate property becomes the target of such wanting. After all, there are only a few investments like a property that you can personalize to your heart’s content.
Planning to Buy a House Soon? Seek a Reputable Realtor in Seattle!
Are you among those millennials who wish to have your own house? With a stable income, there are many ways you can start investing in a real estate. That leaves you with the question, which property is worth investing in? When you’re ready explore some options, we at Blue Pacific Real Estate can help need the help. With a trustworthy Seattle realtor, you will have the information you need to make the best buying decisions.
Ready to invest in your first real estate property? Call us at (206) 650-9419.
