How millennials influence real estate

On behalf of Kaplin Stewart Meloff Reiter & Stein, P.C. posted in Real Estate Law on Oct 30, 2016.

Although it may be difficult for some Pennsylvania residents to keep track of the names of different generations, there is a far-reaching influence felt as young people impact various facets of life. Real estate is starting to experience the effect as millennials mature. Nearly half of all home purchases throughout the nation are first-time instances. Nearly two-thirds of those selling a home have never done so before.

Residential real estate activities involving members of the millennial generation tend to move rapidly in connection with a tech-driven society. For example, less than half of individuals making an offer are able to actually purchase their first property choice because of competition that can be amplified by tech tools. Much of the millennial generation has been impacted by recession, which may affect their views as they enter the real estate market. Today’s first-time buyer is likely to have rented for a significant period of time in comparison with those of prior generations. Online access to information has played a major role in buying and selling homes. In fact, earlier generations are also likely to tap into websites and apps as they look for properties or connect with real estate professionals.

Buying a home can be confusing for an individual going through the process for the first time. There are important issues to consider related to borrowing money for down payments, locking in interest rates, and ensuring that a property is in good condition prior to the finalization of a purchase. Although a realtor can be an important resource, a lawyer’s insight can be important as well.

An individual could encounter unexpected or awkward issues while signing loan documents for a new home. For example, the interest rates on the paperwork could be different than what has been discussed previously. The assistance of a real estate lawyer during the signing could be helpful for ensuring that the terms represented in the paperwork are accurate.

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