We are approaching the spring of 2019 and Oakland County Michigan home owners are in the process of getting their homes in tip-top shape to get them ready for the spring selling market, but last ear at this time Oakland County Michigan millennials seem to have been overlooked as important home buyers in our market. This spring it would be a major mistake to ignore them as they are ready and willing to purchase a new home as statistics show.
Millennilas Are A Force To Target
When someone uses the term “millennials,” most people don’t immediately think of financial stability or home ownership. But according to a new study, more Oakland County millennials than ever are ready, willing, and able to purchase property in today’s market including millennials in Oakland County, Michigan.
A recent study from Urban Institute, which analyzed data from the 31 largest metropolitan statistical areas, found that 19 million millennials across the US are “mortgage ready,” which is defined as being no older than 40, not already having a mortgage, and having ample credit to qualify for a traditional loan (which includes a credit score of 620 or above and no recent credit issues, like bankruptcy or major delinquencies).
Why haven’t these millennials made a move? The report cites misconceptions about down payments as a major contributing factor for mortgage-ready millennials not making the jump into homeownership. (According to a survey released by Laurel Road earlier this year, 46% of Americans were unfamiliar with alternative lending options, and many millennials aren’t aware they can leverage these alternative lending options to purchase a home with as little as 3% down.)
The Takeaway
If you’re a mortgage-ready millennial but haven’t made a move because you’ve been struggling to save a large down payment, it’s time to start exploring alternative lending options. In today’s market, you don’t need 20% for a down payment—you might already have everything you need to purchase a home.