No: Saving to buy a Home IS a good idea!
In this Buying a home can be a terrible investment interview, Michael Katchen, the 29-year-old co-founder and CEO of millennial-focused investing company Wealthsimple claims that there are better investments than real estate, Katchen says: “I would pick a diversified portfolio over a house as an investment.”
Katchen goes on to say:”Between the down payment and mortgage payments, Katchen says new homeowners end up having to limit the amount that they go out with friends or visit their families because they are cramped by making payments toward their house.”
While Katchen dismisses the concept of cutting back on “going out with friends” in order to save to buy a home, his opinion does not seem to be shared by his fellow millennials, according to a recent article featuring this data produced by the National Association of Realtors.
Over time, owning a home has proven to be a sound financial proposition; but the primary motive should be to obtain and provide security for one’s family.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Are Millennials ready to buy homes?
Using data produced by the National Association of Realtors, the Washington Post recently published an article about the intentions of Millennials towards home buying. The message seems to be that while millennials are not buying homes at an early age as their predecessors did, buying a home is still important to them.
Change in home ownership since 1960
Factors affecting first home buying
Are Millennials financially ready for home ownership?
When did Millennials know they wanted to buy a home?
Why do Millennials Buy Homes?
Perhaps the most important chart is the one below, which shows why Millennials buy homes.
Comment
The timing of home purchase may have changed dramatically over the years. but the desire to own a home has not. Millennials may be happy to share a car, but at some point they want to own their own “castle”.
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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