The mortgage rates hover at historic lows with the percentage dropping a full point in the last year. This is good news for potential buyers and sellers of residential real estate. However, even in the highly competitive real estate market of Austin, millennials have specific priorities, which may or may not jive with sellers.
Trends being what they are, things will change, but housing experts across the country note that younger couples buying a house for the first or second time often put a premium on such perks as:
- Walkability: Rather than camped out in the deep suburbs or rural areas with a long commute, they want an urban or inner-city environment with restaurants, entertainment, public transit, and other amenities all within easy walking distance.
- Turnkey: In past decades young couples bought a fixer-upper, but many now would rather not spend their time renovating.
- Updated: Key in ready means that there is a tech infrastructure in place, so there is smart home gadgetry as well as modern kitchens and bathrooms.
- Modest size: Many eschew larger “dream” houses with big yards as too big and require too much upkeep.
- Modern clean look: Gone are brass fixtures, dark natural woods like oak and ornate detail. Wide-open concepts with lighter colors, white trim and hardwood floors are preferred. Mid-century modern or older renovated homes are more desireable than recent styles.
Smart and cautious
Many millennials have vivid memories of the recession in the 2000s. They are more careful about finances, which is reflected in the smaller homes. The mortgage rates may prompt them to enter the market, but they will likely do it while making sure that all the legal details are in order. A knowledgeable real estate law attorney can help ensure that everything is on the up and up with the title and mortgage, thus helping to ensure that the closing goes smoothly.