A Guide for Millennials Who Want to Buy a House During the Pandemic
COVID-19 did not leave a playbook. None of us knows what we are “supposed” to do, or what comes next. Securing a mortgage and buying a home is no different. The rules and the trends are changing all the time, and industry professionals know they must be flexible in their approach.
The pandemic presents particular challenges for first-time homebuyers. So what has changed?
If you are like a broad group of 3,000 25-44 year-old first-time homebuyers who were surveyed by America at Home:
- You are determined to buy instead of rent. Almost half of renters say they want to make the switch and own their home.
- You want to move out of big cities. No surprise there. Life in New York City, Jersey City, and Hoboken is a big unknown right now. The suburbs provide a home with more space and a better chance to adhere to social distancing practices.
- You work from home and you need more space.
- Multiple people in your home need to rely on a better wifi system for Zoom calls and conferencing.
- You are relying on the internet to begin your home search and taking virtual home tours.
A Cultural Outreach NextGen Homebuyer report says that 71 percent of home buyers are “optimistic” about buying a home, but 60 percent of them say that COVID-19 has impacted their plans negatively.
A whopping 68 percent of homebuyers say affordability is their number one fear about buying a home. These young adults report that, on average, they are saving less than $500 per month. At less than $6,000 annually, it would take eight years of saving to come up with the 20 percent down payment for a $250,000 home.
Consumer debt also ranked high on the list of home-buying challenges, and 40 percent did not think they would qualify for a mortgage.
Enter your mortgage professional, ME! Consumers want to do business with people and brands that they trust; that is probably truer in this pandemic than ever before.
My job is to get you comfortable with the home-buying process. Please reach out to discuss affordability, qualifications, and your home-buying options.
Cathy Maloney
VP of Mortgage Lending
Contact me at cathy.maloney@rate.com or rate.com/cathymaloney for more information.
Follow me on Instagram at @cathymaloney.homefinance
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