Millennials: Is It Time to Buy a Bigger Home?

Are you a millennial who already owns a home? If so, it may be time to trade up.

After all the home price increases of 2020, 2021, and so far in 2022, you could have more equity in your home than you think. 

Housing Prices

High house prices mean it’s high time to sell. But doesn’t that mean it’s a bad time to buy?

“Yes and no,” says Ilene Harpuder, sales associate at ERA Justin Realty, “If you sell high, you will have more money to put down on your next house.” Housing prices are starting to come down after the spike during the height of the pandemic, but your mortgage payment could be a little higher.

Mortgage Rates

Interest rates are on the rise, but Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty says that should not deter people from buying. “If interest rates drop in the future, you can always refinance.”

Millennials can look to upgrade either by buying from each other or from Gen Xers. A new report by Engel & Völkers shows Millennials and Gen Xers will make up over 80% of luxury home sales this year. Nearly half of the sales will be by millennials, and it will be their first time selling a home.

Work From Home

“Now that so many millennials are working from home, they need extra space,” says Harpuder, “And some Gen Xers are deciding to retire early, so they are looking to downsize. It’s a win-win for both generations”.

If you’re a millennial thinking about moving this year, Ilene Harpuder or any agent at ERA Justin Realty is here to help. We can tell you how much equity you have in your current home and the opportunities it can create. Call 201-939-7500.