With today’s housing market, all eyes are on millennials. They are currently between 25 and 40 years old right now and are considered to be the largest generation. Most often than not, they are considered prime homebuying years when many people begin to form their own households and invest in real estate. A lot of millennials are spending much more time at home these days. If you’re like many, you definitely have a growing need for more space or upgraded features, which makes moving more desirable than ever.

There’s a huge opportunity to move up in 2021 for those millennials who already own a home. Danielle Hale, Chief Economist at realtor.com, explains:

“Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.”

You could have more equity than you realize if you bought a home sometime in the last few years. Which is a big factor to consider when you’re thinking about moving. According to the Homeowner Equity Insights Report from CoreLogic:

“In the third quarter of 2020, the average homeowner gained approximately $17,000 in equity during the past year. This marks the largest average equity gain since the first quarter of 2014.”

Increasing equity can be the driver you’re looking for to fund your next move, most especially if what you need in a home is changing right now. As equity builds over time, it can even be put toward the down payment of your next home.

To add up to equity gains, today’s housing market affordability is powered by record-low mortgage rates, so moving at a time when you can get more for your money may be more realistic than you think.

Bottom Line

Realize that you are not alone if you’re a millennial thinking about moving this year. Contact My Tampa Agent to shed light on the equity you have in your current home and the opportunities it can create.

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