63% Of Millennial Buyers Regret Purchasing New Home During Pandemic | ZeroHedge
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http://feedproxy.google.com/~r/zerohedge/feed/~3/e6m9b-g8TXs/63-millennial-buyers-regret-purchasing-new-home-during-pandemic
07:00 PM - May 21, 2021
Only people mentioned by r363ll10n in this post can reply
Four Herrings
@4herrings
21 May, 07:27
In response r363l l10n to her Publication
I am a Mortgage Loan Officer for the largest global credit union. I can tell you for a fact this article represents the vast majority of my clients.
Most have the mentality "I need to get in before it goes up even more." Sorry, but what goes up must come down! Only a small handful really grasp this concept and decide to wait. Those are generally in between ages 35 and 70.
It's an insane market right now - people are willing to pay 20-50k (sometimes more) over asking just to get the home. Unfortunately, they don't think about the payment until the first one is due. Nor do they think about the "what-if's" in the next few years.
My advice: DO NOT BUY RIGHT NOW. The prices will begin to level out within the next several months to 1 year. A wave of foreclosures will soon be hitting the market (late summer/early fall) and that will increase the supply amount and decrease the values.
Most have the mentality "I need to get in before it goes up even more." Sorry, but what goes up must come down! Only a small handful really grasp this concept and decide to wait. Those are generally in between ages 35 and 70.
It's an insane market right now - people are willing to pay 20-50k (sometimes more) over asking just to get the home. Unfortunately, they don't think about the payment until the first one is due. Nor do they think about the "what-if's" in the next few years.
My advice: DO NOT BUY RIGHT NOW. The prices will begin to level out within the next several months to 1 year. A wave of foreclosures will soon be hitting the market (late summer/early fall) and that will increase the supply amount and decrease the values.
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