Are you ready to be a homeowner??Well if youre a millennial— you might be struggling to buy.Cbs21s sarah burns spoke with a realtor today to find out why.((live
Summer is the perfect time for changes, and hosts great weather for open house events, but is that warm sunshine feeling just as strong on the market?This issue poses significant challenges for millennial home buyers seeking new real estate in a stagnant housing market, as the demand for housing outweighs the availability of said housing.
Wendell Hoover, a realtor with Iron Valley Real Estate explained, "A lot of people have refinanced over the last three or four years and they've got a low interest rate and so now there's a lot of people that would like to move-- maybe they're downsizing or moving to a different area-- but then if they have to get a mortgage at a much higher rate maybe its gonna be 7%."Local resident John Sharpe has been in his New Cumberland home for 22 years and has no plans to sell.
Sabir Shrestha, a millennial house hunter, knows this challenge all too well as a first-time home buyer that has been scouring the housing market for over a year. "Even the houses that, you know, a monthly payment would be three or four years ago— maybe like $2,500 you’d feel comfortable. Now those houses are like $1000 more.”“We have a very big supply problem here, and we've got a great demand and we're thankful that people want to live here and come here from other areas but that doesn't correct our supply problem, and it wont be corrected anytime soon," said Hoover.
Hoover says several things could help home-owner hopefuls solve this problem: have a realtor, be active on the market and have your finances in order.
Home Buyers Supply And Demand Real Estate Market Interest Rates Home Prices Wendell Hoover
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