Title and Real Estate Closing Expert Bryan Nazor on Purchasing a Home for Millennials
Bryan NazorForbes recently released their 2019 real estate forecast of what home buyers, sellers, and investors can expect. After the tumultuous home-buying scene of 2018, title and real estate closing expert Bryan Nazor said experts are keeping a close eye on predictions for what direction the market will take.
“One of the biggest trends we saw is that millennials are predicted to keep buying homes in spite of the rising mortgage rates,” Bryan Nazor said. 2020 is expected to be the peak millennial home buying year, Forbes reported. Millennials will account for 45% of mortgages, compared to 17% of boomers and 37% of Gen Xers.
Part of this is due to the fact that the largest cohort of millennials turns 30 years old this year, which is a peak home-buying years. Older Millennials (in their mid-30s) will have more options to move up in their home ownership, while younger millennials are hitting the peak age to purchase their first home.
Bryan Nazor works at Main Street Title & Settlement Services, which equips millennials to prepare to purchase a home and provides title insurance services, appraisals, closing, escrow and recording services, and other services relating to real estate transactions. Bryan Nazor said the company sees many millennials purchasing their first or second home this year, in line with Forbes’ prediction.
Bryan Nazor shared the top five tips he shares with millennial home buyers to set them up for success with their first home ownership rodeo.
- Plan a budget and contact a real estate professional to guide you through the process of purchasing a home. Doing your research on a great real estate agent and on a realistic budget are key components in having a smooth experience with no unpleasant surprises, Bryan Nazor said.
- Research available lenders to finance your home. After your down payment, what financing options are available? Compare lenders to see what they offer and what you can expect. The real estate agent you chose in step 1 can suggest lenders and help you decide on the right one for you. A lender will pre-qualify you for a loan so sellers will take you seriously as a buyer.
- Start looking at possible homes with your real estate agent. This is the fun part! Don’t forget your budget or lose sight of the most important factors in your home.
- Once you find the home you would like to purchase, the real estate agent will make an offer on your behalf. A counter offer may be offered in return, and the real estate agent and the home seller will negotiate until they find a price that suits everyone.
- Your real estate agent will work with a title insurance agent to draft necessary paperwork for the sale of the home, said Bryan Nazor. You will meet with the home seller for the closing, which is when you officially become the owner of the home.