October 21, 2021

MP Now News

Mortgage News

Planning tips for first-time homebuyers: Is it wise to buy now or wait?

Brian Loy

Historically, young adults between the ages of 20 and 30 were the prime age to buy their first home. Nowadays, people between the ages of 25 and 40 are facing their first home purchases. With today’s high prices, is it a wise purchase decision? What planning options should first-time home buyers consider?

Need to catch up?

There’s a trend towards deferred home ownership – 51% of baby boomers owned a home until age 30, 48% of Generation X owned a home until age 30, and 42% of millennials owned a home until age 30 , this can represent “a potential indicator of continued demand for housing.”

However, it is currently not easy to buy a house. Financial and emotional factors play a role. Emotionally, it’s a big part of the American dream; Your home should be your refuge and refuge and where your children grow up, play and sleep. Financially, it’s one of the most expensive purchases you’ll ever make in your life.