Purchasing their first home or upsizing/downsizing may be more financially difficult for buyers compared to past years.
Millennials may be the top buyers in 2019. Many have already purchased a starter home such as a coop/condo apartment and may now be looking to upsize as they are now moving into their 30s and may feel more financially established. Some have started families and require more space. Millennials typically are money savvy, more financially conservative and many have started their careers with student debt.
In 2018 the interest rates slowly increased pushing to where we are now in 2019. Many buyers have to think about how much they can financially afford and what their monthly mortgage payments will be. Buyers who thought they could afford lower payments each month may have to re-think their price point and work within those parameters. Interest rates and the new tax law have both impacted their buying power.
Silversons Realty is here to assist you in your buying your first home or upsizing/downsizing. Give us a call at 914-725-9344 so we can start working for you!