Millennial Motivation: Owning A Home Is #1

If you think most homebuyers have given up – it might be time to think again! According to a recent study as reported by Mortgage News Daily, 72% of millennials stated that owning a home is their #1 priority (above traveling the world, getting married & having children). With 70% of respondents believing that their rents will increase every year or two and 30% paying more than 1/3 of their income for rent – the value of homeownership as a wise financial investment is a driving force. We all know it is not easy to buy in today’s market… but it’s virtually undisputed that it’s worth it!

In a separate survey conducted by the National Association of Home Builders, buyers are not only taking their dreams of ownership seriously – but willing to wait even at a cost. While rates may be rising and hampering affordability for some, 54% of buyers have been seeking the ‘right’ home for at least 3 months. 61% of these long-term buyers indicated that they would continue the home search until they found the property they wanted in the location they desired (37% were willing to expand their location preference).

The act of perseverance isn’t just a means to a happy & heartfelt end for buyers – but good news for potential sellers! While home price gains have slowed, Silicon Valley is still full of very highly-desirable areas that buyers are waiting to break into. Furthermore, price deceleration is not the same as actual equity loss. The vast majority of Silicon Valley homeowners are still in a very positive equity position and can now finally assess if selling makes with values stabilizing.

For those of us spending the holidays at home with our families – may we wish all the hopeful homeowners out there much success in their journey! The warmth of 4 walls to call your own is a gift never to be taken for granted – considering how hard you have worked for it! Enjoy every moment of this season and the exciting New Year that follows.

All our best,

Mark & Jason