I’m on the cusp of being a generation Xer and a millennial myself born in 1979. Doesn’t 1979 sounds so much older than being born in 1980? Anyway… as a Realtor in Los Angeles, many of my first-time buyers are millennials the past five years. This article will give you millennials helpful tips and advice for your decision to home shop and what to expect. I listening to my clients’ experiences in the market, their concerns, and how they dealt with friends and family opinions.
Buying a home doesn’t have to break the bank.
Beyond popular belief, becoming a homeowner nowadays doesn’t have to empty your pockets. There are several first-time buyer programs available to help get you into your first home. Talk with a mortgage advisor about 5% conventional loans and 3.5% FHA loans if you don’t have deep pockets or mom and dad gift funds.
Hurry up and go, millennials!
You can take your time with a preapproval windowing shop open houses until your blue in the face. Bring a picknick basket and make a day of it! Once you find the house or condo you want to call home be prepared for things to start moving forward quickly. You’ll need a current pre-approval letter (within 60 days) and current bank statements showing your down payment, closing fees, and reserve funds. Then your agent will bundle those, and a cover letter with your offer and send them to the listing agent.
If you’re lucky and get your offer accepted the escrow clock starts ticking. Within 30 days you’ll be a homeowner. How do you like them apples? Escrow timeframes vary on the buyers and sellers unique circumstances but 30 days is a typical escrow timeframe in Los Angeles CA where I sell homes.
If you’re bitting your fingernails don’t worry. 30 days may seem fast but it’s plenty of time to inspect the home for any problems, have an appraisal completed and your loan approved.
Get yourself a screwdriver and wrench. Trust me.
Do you have a toolbox? If not, now’s the time to invest in one. I am not handy at all and have challenges screwing in a light bulb or changing the batteries in my son’s toys. Having a small tool kit is extremely helpful. As a new homeowner, you’ll want to learn the basics about your property systems. Like, where is the main water shut off valve, the electrical breakers, and how to reset your water heater. The water heater is always a pain in the butt for me. I feel it’s going to explode. That’s a personal problem of mine – I get it.
Everybody’s got an opinion.
Not all of your friends and family will share your sentiments about buying a home. It’s wise to take everyone’s opinion with a grain of salt. Advice from others may be fear-based or have another agenda. If you can get into the real estate market it’s a wise decision. Over time, home value is always ticking north. If there’s one thing we’re not making more of its land.
The Shelhamer Real Estate Group | Realpro Eastside is a real estate brokerage working with home buyers and sellers on the Eastside of Los Angeles including, Highland Park, El Sereno, Mount Washington, South Pasadena, Glassell Park, Eagle Rock, Echo Park, Silverlake, Los Feliz, and the Hollywood Hills East.