A dream of many people is to own their own home. The real estate market has become increasingly difficult for younger people to navigate over the last few years, but that hasn’t stopped millennials — including many in New Jersey — from getting their feet wet in a competitive market. They’re hanging in there having to contend with multiple offers, bidding wars and working all hours to save thousands for a downpayment.
Survey gives intriguing insights
Millennials are defined as those born between the years of 1981 and 1996, which puts them between the ages of 22–37. A recent market survey shows that one-third of people buying a home for the first time are having difficulty finding something to fit their budgets and homes are selling more quickly these days. But millennials are adamant about staying the course to ultimately get a winning offer, which is often above the asking price.
Why are millennials so fixated on owning property?
Generally, younger people want to own a home for basically the same reasons their parents did. They want to build equity, to have a place they can call their own to put down roots and to raise a family. Many millennials are determined to see this goal realized and so they’re sticking with it until one of their offers strikes gold.
New Jersey’s younger house hunters who are successful in their real estate bids should really have some idea of the legalities that accompany these deals. Getting the advice of a lawyer experienced in real estate law will broaden a purchaser’s knowledge of these laws that go along with transacting real estate. A lawyer is not only a necessary asset in explaining these laws, but crucial in the closing of a real estate deal.