People who belong to the Generation X and Generation Y demographic remain confident despite the real estate downfall. 75% of this demographic believes owning a home is an indicator of success and are willing to move back in with parents or get a second job in hopes to one day own. Here are five tips Generation Y-ers and Generation X-ers should consider to own a home. Have a 5-year plan. Don’t assume that purchasing a home today will appreciate in value within five years. If you’re unsure about the market—it may be better to rent. Get creative with technology. Use online resources and tools to help filter and find your dream property. Real estate listing sites, mortgage calculators and even Google Street View can help with the process. Don’t overload on information. Sometimes knowing too much can cause discouragement for a homebuyer. The Internet is filled with data and information that is public, source through it and make sure you’re absorbing the facts. Don’t assume you don’t need a real estate agent. Having access to information does not make you an expert at home buying. It’s about presenting the offer and getting it accepted. Having a good agent can be the difference between a great deal and a poor purchase. Seek opportunities to increase home value. Gen X-ers and Gen Y-ers in particular should steer clear of buying the best home on the best block. Instead, look for ways to add value. Look at homes that don’t show well, are marketed poorly or are outdate. Use these five tips and get closer to achieving the American Dream of owning a home.
