Millennials are buying homes and becoming homeowners. They’re grown ups now. And now, buying a home and getting a good paying job excited them more than just partying and spending a lot on shopping. Buying a home is one of the major steps they take in their ‘adulting’ phase.
According to HSBC, 35 percent of the millennial population are now homeowners. Those who don’t have a house of their own yet are looking to buy a home within the next five years. What is holding them back from their homeownership plans? Student debt is one big hurdle, they say. High home prices and low wage is not a good combination, preventing millennials from taking a step forward in becoming homeowners.
While it is already a struggle for hopeful homebuyers to find an affordable home, many young American homeowners may have their own struggles. One big challenge for millennial homeowners is that a house may be hard to sell when the need arises.
You can look at a home as a form forced savings. The mortgage payments increase your property’s equity each month. This is considered a liquid asset. By definition, a liquid asset means something that has cash value or can be easily converted into cash. However, turning a home into cash may be easier said than done.
How to Sell it Right
Many factors can cause young homeowners to sell their homes. The dynamic job market plays a big part. Millennials may need to change jobs in the hopes of finding better-paying positions. Some of them may have to relocate because their current job requires them.
Now, how to make it easier to sell your home? Certain situations will require you to move out and sell the property. While the housing market is beyond your control, there are things you can do to help you sell the property easier.
Separate sentimentality from realness. Some homeowners will base off their homes’ price tags based on emotions and sentimental value attached to the house. They end up pricing it too high for the market. If you are planning to sell the home, avoid mispricing your property by knowing how much the home is worth.
Another trick is to keep the home as showroom-ready as possible. Empress buyers by keeping the home neat and clean. This may require extra work on your part but you need to get rid of the clutter. A clean home will draw the potential buyer’s attention to the property’s features. Also, a tidy house translates to a healthy and livable space for the future occupants.