The housing market continues to make noticeable improvements from the housing market bubble burst and the Great Recession. The buying and selling of houses is on the rise. Home prices are also increasing, which is good news for sellers.
For buyers, this can mean limited inventories of homes that fit their budget and their needs. It could also mean a bidding war if you truly want the home. When it comes to millennials, however, they are still slow to enter the first-time home-buyers’ market.
Many working millennials have much tighter budgets, making it more difficult to save up the down payment required to buy their first new home. As such, millennials that enter the first-time home-buyers’ market will typically have to rely on their parents or other relatives for financial support in putting together the down payment on a home.
Most parents expect to be included in home-buying decisions when they are putting up a large portion of or the entire down payment for their children. They want to make sure the home their child is purchasing fits into their child’s budget.
Parents want to be able to see the location of the home. They want to know how much monthly mortgage payments are going to cost. They want to be at the table when offer letters are written to know what other additional costs their children may have to pay. This is why more and more millennials and parents are making real estate decisions together.
How to Include Parents in the Home-Buying Decision-Making Processes
The best way to ensure parents are included in home-buying decision-making processes is to arrange a meeting with your real estate agent. The purpose of this meeting is so your realtor can get to know your parents better, determine how much they want to be included, what their budget is, and if they want to be present when you are viewing homes.
Since parents are part of the home-buying process, it will alter the approach your realtor takes. Instead of simply finding you a home that you love with the features and options you desire, they must now also account for your parents’ input and concerns.
A good approach is to have your realtor point out the affordability of the home compared to other properties. They should mention the value the home can provide, such as its future value with some renovations, the trend of property values in the neighborhood, and the potential future resale value.
These things can help alleviate the concerns of parents who are funding part or all of the down payment to help their children buy their first home. In addition, as a millennial first-time home-buyer, you can save time concentrating on the homes that match both your needs and your parents.
To ensure both your needs and your parents are met, finding a good realtor is vital. You want to make sure your realtor understands your situation to help you find a home. When you want the best real estate agents in Maryland, look no further than The Ferguson Group.
We would be happy to lend our expertise and assistance to help you and your parents find the perfect home in Maryland, Washington DC, or Northern Virginia. For further information or to arrange an initial consultation, please feel free to contact us at (847) 903-1030 today!