I recently sat down with Centre Realty Group Sales and Leasing Agent, Andres Vizoso, who is a young man with a great deal of real estate expertise. Andres is a graduate of Boston College and has helped many students to find off-campus housing. He has also assisted many young professionals as they search for their ideal home in the Boston Area.
As Andres Vizoso explained to me, “the two biggest obstacles for millennials when they think about buying a home in the Boston Area: 1) affordability and 2) lack of inventory (few homes on the market).” Millennials are used to the sharing economy, where they share homes, cars, rides, clothes, jewelry and purses. They are used to sharing houses in the form of rentals, however, once millennials get to the point that they want to purchase a home, they run into formidable obstacles.
Many millennials don’t trust the system, which makes it difficult to buy a home. There is distrust of the banking system, mortgage industry and the legal system. Many millennials are overburdened with debt after graduating from college. Combine college loan debt, housing affordability challenges and lack of inventory, and the result is that many millennials in the Boston Area are having serious problems purchasing homes.
Here are some tips for millennials, professionals and people relocating to the Boston Area who want to enter the housing market. If you want to buy a home, you need to focus on these things:
- Know your credit score – be diligent
- Establish good financial habits
- Know about how student debt will affect your finances
- Be aware of the pros and cons of buying vs. renting a home in the Boston Area
- Widen your search and explore new neighborhoods
- The best ROI (return on investment) on the purchase of a home is a home near mass transit
To further increase your chances of buying a home, it is recommended that you work with an experienced real estate professional. Andres Vizoso (617-455-5075) and Centre Realty Group have a great deal of knowledge about the Boston Area market and can help you to formulate a winning home buying strategy.
Emily Beal is the Director of Business Development and Customer Experience at Centre Realty Group. She can be contacted at 617-233-5043 or Emily@centrerealtygroup.com. Please send suggestions of topics you would like to see her blog about real estate topics in the future. Happy Holidays!