It’s a great time for Millburn-Short Hills and Maplewood millennial home buyers. Mortgage rates are around 3%. The Federal Housing Administration has lowered mortgage insurance premiums. Fannie Mae and Freddie Mac have reduced minimum down payment requirements from 5% to 3%.
Because of the Great Recession, many people now in their late 20s and early 30s have put off purchasing property. In the past, first-time buyers made up about 38% to 40% of home purchases. Over the past several years, however, that rate has been significantly lower, in some places by as much as 10 percentage points.
For many who have been living in the Millburn-Short Hills area and renting, buying a home is looking better and better. As rents rise and jobs stabilize, the numbers start to tip in favor of buying, and young professionals find themselves touring a Maplewood home or a Millburn-Short Hills Colonial. From sunny Los Angeles to snowy Virginia, agents are reporting a distinct increase in young clients looking to buy for the first time.
There’s a lot to be said for living in Maplewood and for owning your own home. Our community is bustling and there is so much to enjoy! If you commute, its proximity to transit is another huge plus. As an agent who’s been selling homes in this area for years, I can help you find the home of your dreams and a smart way to pay for it!