How Dogs are Influencing the Real Estate Market
Recently I've seen an article headline floating around stating, "Millennials are buying homes because of their dogs". This meme-worthy headline usually cracks a chuckle out of me every time I see it, but I couldn't help but wonder, how credible is this claim.
After doing some digging, (pun intended) I found that a recent survey by SunTrust Mortgage found that a third of Millennials who had already purchased their first home said they were influenced by the need to have space for a dog.
The survey asked recent home buyers why they were buying their first home and their dog was the third most commonly cited reason, ranking above children and marriage.
The survey also found that 42% of Millennials who had never bought a home said that their dog, or the desire to have one, would be a key factor in their decision to get on the property ladder.
Man's bond with dog is as old as time, and it really comes as no surprise that our dogs have become the new child. Buyer attitudes have shifted and more agents should be using this knowledge as a selling point for first time home buyers.
While buying a home for you and your four-legged companion might seem exciting it's important to consider the following when buying your first home.
- Understand Your Initial Expenses. The down payment and closing costs can really add up, but don't forget to budget for moving expenses. These include everything from truck rental to setting up water, power, cable, internet and more.
- Organize Your Finances. While there are different types of loans for different needs, your finances will be thoroughly evaluated during the credit application. Make sure they are organized so you can better retrieve them throughout the application process.
- Get Pre-Qualified. Lenders can use your income and credit history to give you an estimate of the home loan amount for which you qualify. The pre-qualification amount can be a helpful guideline when you are considering which properties to purchase.
- Create a Realistic Timeline. Even with a pre-qualification, loans can take weeks to be finalized. Work with a loan officer to decide the best type of loan for your situation and make sure your loan will be ready in advance of your closing.