Homebuying Tips for Millenials

happy young homebuyersMillenials may soon give the housing market a major boost. We recently reported that a large number of millenials are leaving their parents’ homes thanks to a better economy, and according to Trulia’s 2012 American Dream Survey, 93 percent of young adults want to purchase a new home sometime in the next few years.
However, buying your first home can be very overwhelming and it’s easy to be unsure of where to start. Here are some tips on how to effectively search for your first home in Chicago:

  • Use the right apps and technology. If you’re already connected to your smartphone on a regular basis, why not get the latest real estate apps? First-time homebuyers can learn a lot from mortgage and financing calculators. Chicagoans can also benefit from city specific apps, such as Chicago Traffic, which provides real-time traffic information for more than 150 Chicago roadways. Another great app is LISC Chicago Mobile Neighborhood Tours, which showcases the history and unique features of Chicago’s neighborhoods.
  • Don’t be afraid of real estate agents. You may be so accustomed to using technology and Google searches that real estate agents may seem unnecessary. Yet, it is important to find the right real estate agent who has great neighborhood connections and knowledge of the local housing market, so that they can secure you a better deal.
  • Have a long term plan. It is extremely important to ask yourself whether or not the home you are buying will appreciate in value over the next few years and whether or not you will still want to live in that area.
  • Seek assistance from the Illinois Housing Development Authority Smart Move Program. This program assists qualified first-time homebuyers by combining a first mortgage with a zero percent interest rate and a forgivable second mortgage. The IDHA also offers first-time homebuyer counseling.

Buying a new home may seem like quite the daunting task, but consulting the right resources and conducting the right research can make the experience much easier.