Money Rebecca is a typical Millennial home buyer - except for one thing

01:56  17 may  2018
01:56  17 may  2018 Source:

What is the ‘fair market value’ of my home?

  What is the ‘fair market value’ of my home? most houses sell for the fair market value – the price a willing buyer will pay, and a keen seller will accept, given that neither the buyer or seller is under pressure to close the deal. Of course, sometimes buyers get a great deal and at other times they overpay. In both instances this is usually because emotions come into play.Pressure, or motivation, comes from life changes such as divorce, a sudden job transfer, difficulty meeting mortgage repayments or a death in the family, which can compel either the buyer or seller to act quickly.

If you fit in with the typical millennial home buyer , you’ve likely already determined which type of mortgage is best for you – a 30-year, fixed-rate mortgage. And trust me, you’ll need time for research – there are a lot of things to sign.

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Rebecca Tannous with her friend's dog in Rushcutters Bay Park.© Supplied Rebecca Tannous with her friend's dog in Rushcutters Bay Park. Most Millennials have embraced the traditional dream of buying a house with three or more bedrooms in a good or up-and-coming area.

But as a single Sydneysider, Rebecca Tannous, 30, knew that was impractical.

Tannous bought a studio in Rushcutters Bay for $481,000 two months ago and is transforming it into a one-bedroom apartment. She plans to finish renovating and move in within three months.

“I sacrificed space for location – I can walk to work, you’re not going to find a better location,” Tannous says. “Buying a three-bedroom house in this area would be at least $2 million upwards so that’s a bit unrealistic for a single person.

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However, if you’re up for the challenge here are some tips for millennial home buyers or first time home buyers of any age really. If there is one thing I would stress to you more than anything on this list, it’s avoiding Private Mortgage Insurance or PMI.

The typical first - home buyer will be in their 40s or 50s in a decade. THE typical age of a first - home buyer will no longer your 20s and 30s. In the next decade, it could be substantially higher than that.

“I’m at a stage in life where I don’t need much space and I want to be close to work, so my priorities are a bit different to other Millennials who want a three-bedroom house in the suburbs where they can bring up kids.”

Across Australia only one in four Millennials believe they’re most likely to buy an apartment. That’s according to research by Pollinate on behalf of ING, based on a demographically representative online survey of 1000 Australians aged 22 to 37.

For those yet to buy a home, just 3 per cent are most likely to buy a studio like Tannous, and just 7 per cent plan to buy a one-bedroom apartment.

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For one , first -time buyers made up 52% of those who purchased a home with a mortgage in the third quarter of this year, said the chief executive of real-estate research company Zelman And 0 represents 5% of a typical 10% down payment (,300) on a median priced home , she said.

We ’ re a typical millennial couple: we got married in our late 20s and we’re waiting to have kids. But we love it here, and no one ’s going to turn it into an Airbnb except us. What had been a “ buyer ’s market” is ripe for sellers now. There are a lot of things to consider when buying a house.

Instead, half would most like to buy a house with three or more bedrooms, and more than two out of five believe that’s what they’re most likely to buy.

Even in Sydney, more than one in three Millennial first-home buyers say they are most likely to buy a house with three or more bedrooms.

One in four Millennials are currently saving for a house deposit, and more than one in three are already home owners. Fewer than one in 10 don’t plan on buying a house within the next three years.

More than three out of four say they’re family oriented, and two out of three identify as planners rather than free spirits.

More than half of all Australian Millennials believe they’ll either buy in an area that’s already established as a good place to live or an area that is clearly on the rise as a popular place to live. Three out of five are willing to increase their time spent commuting in order to get on the property ladder.

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If there’s one thing you take away from this article, let it be this: attend the home inspection. Unless you are a millennial who has a lot more money than the rest and can afford to buy your dream home in the first go around, the chances are that you’ll be selling it sooner rather than later.

If you’re in your 20s or 30s today and considering buying a home vs. renting, here are some things to consider. Loan options such as those from the FHA (Federal Housing Authority) enable qualifying first -time buyers to purchase with as little as 5 percent down.

In Sydney, home to 21 per cent of the respondents, hot spots for Millennial home buyers include the inner city, Hornsby, Kellyville and Windsor. Other popular areas include Parramatta, Merrylands, Lidcombe, Blacktown and Chatswood.

In Melbourne, home to 20 per cent of the respondents, there’s a stronger clustering around the city, with further hotspots just to the west of the M2, plus in Ringwood, Dandenong, Lilydale, Tarneit and the nearby regional city of Geelong.

Most Millennials are set on buying a home the traditional way, with a partner or alone. Only 50 per cent would consider buying a property with a family member who is not their partner. Only 29 per cent would consider buying with a close friend, and only 16 per cent would buy with a small group of friends.

For the overwhelming majority – 88 per cent – the main driver for home ownership is to feel more secure about their future.

The research suggests Millennials are prepared to make sacrifices in order to achieve home ownership, including giving up luxuries and delaying weddings and children. But most aren’t sure what to do.

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The struggle is real for Millennial homebuyers . A shortage of available homes has driven up prices -- particularly among starter homes that tend to fall within first -time buyers ' budgets.

Zillow has created a new website catered to first -time, millennial home buyers . In addition to the features catered to young, first -time home buyers , also has typical details, including filters by square footage and bedroom count, as well as photos and locations for each potential home .

For those Millennials who don’t currently own a home, only 37 per cent have a defined savings plan where they’re putting away a specific amount each payday. And more than three out of five either don’t know or are not sure how much they need for a deposit.

Tannous says she was saving seriously for 18 months to two years, but it required “a bit of a lifestyle change”. Her parents, who live 45 minutes away in another part of Sydney, went guarantor so she could buy with a 5 per cent deposit and have money left for renovations.

“I had to really knuckle down on my expenditure – going out, going out to dinner, clothes,” she says. “Towards the end I was trying to put away at least half my salary.”

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