for Condominiums
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium!
According to CoreLogic,
“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”
With home prices increasing year-over-year, it makes sense millennials are buying condos instead of a single-family house. As a result, the demand for this type of home has been increasing.
As this graph explains,
“The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.
And so here's the Bottom Line...
If you are a millennial considering buying a home, understand that there are many options available. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!
« Top 5 Reasons You Should NOT FSBO »
For More Information about today's real estate market, please feel free to contact me:
(435) 640-1488
Katrina@KatrinaAuthement.com
www.KatrinaAuthement.com or www.LiveTheParkCityLife.com
Free Real Estate Mobile App: Text Utahhomes103 to 32323
Free Home Valuation: www.KatrinasUtahHomeValues.com