In the time I’ve been in real estate, I’ve helped countless first time buyers get into the market. It is honestly my favorite part of my job. During the process of helping them find their first home, buyers are often faced with needing to compromise on their wish list in order to reconcile what they can afford with what the market has available. My advice most of the time is, “this is your first home, the average buyer owns their first home for 3-5 years, so think of this as more of an investment.” How does this relate to being young? Well, if you buy your first home when you are say 21, you will most likely sell for a profit (of course depending on the market trends) in 3 years +/- and buy your second home (which will be nicer and worth more $). Say in another 5 years or so you sell and buy again (you are now around 29/30 years old) and may very well be in your forever home. The one you wanted when you were 21. It does take time to see a return when you invest in real estate, but it is very much a solid bet in the long run. Right now the average buyer who bought 3 years ago is seeing a return on their investment of at least $30,000. That’s not bad for just buying a home. No matter what age you start your ‘smart’ investment in real estate, just know that it is usually 2 houses later until you are in your dream home. That’s why I say it’s smart to buy your first home when you are YOUNG!
*please note, this is an opinion piece based on my experience only. I am not claiming any of it to be fact
Thanks for reading!