What You Want To Know If You’re Pursuing Your Dream of Homeownership

<article class="post-554082 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-554082"><span class="entry-date">December 1, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">What You Want To Know If You’re Pursuing Your Dream of Homeownership</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=What+You+Want+To+Know+If+You%E2%80%99re+Pursuing+Your+Dream+of+Homeownership&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership%2F&amp;description=What+You+Want+To+Know+If+You%E2%80%99re+Pursuing+Your+Dream+of+Homeownership" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership/?shareSlug%3Dwhat-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: What You Want To Know If You’re Pursuing Your Dream of Homeownership&amp;body=What You Want To Know If You’re Pursuing Your Dream of Homeownership%0D%0Dhttps://gilliggroup.com/blog/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div>
<p><img alt="What You Want To Know If You’re Pursuing Your Dream of Homeownership | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/30125510/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/30125510/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/30125510/what-you-want-to-know-if-youre-pursuing-your-dream-of-homeownership-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re a young adult, you may be thinking about your goals and priorities for the months and years ahead. And if <a href="https://www.simplifyingthemarket.com/2022/11/08/the-majority-of-americans-still-view-homeownership-as-the-american-dream/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> ranks high on your goal sheet, you’re in good company. Many of your peers are also pursuing their dream of owning a home. The <a href="https://himaxwell.com/resources/ebooks-white-papers/1h-2022-millennial-genz-borrower-sentiment-report/#downloadnow"><em>2022 Millennial &amp; Gen Z Borrower Sentiment Report</em></a> from <em>Maxwell </em>says:<span id="more-47549"></span></p>
<blockquote>
<p><em>“Many young adults have demonstrated their resolve to embark on the journey toward homeownership soon.<strong> More than half of millennials and Gen Zs plan to apply for a mortgage sometime within the next year</strong>.”</em></p>
</blockquote>
<p>Let’s take a look at why homeownership makes the top of so many young buyers’ to-do list and what you need to consider to achieve your goals if you’re one of them.</p>
<h4><strong>Top Motivators To Buy a Home</strong></h4>
<p>Before you start the homebuying process, it’s helpful to know why homeownership is so important to you. The survey mentioned above sheds light on some of the top reasons why younger generations are looking to buy a home. It finds:</p>
<ul>
<li>95% believe the <a href="https://www.simplifyingthemarket.com/2022/09/30/why-buying-a-home-may-make-more-sense-than-renting-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">cost of renting</a> is too high</li>
<li>35% think owing a home is an important <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">wealth building tool</a></li>
<li>16% seek the sense of security owning a home provides</li>
<li>37% plan to use it as an <a href="https://www.simplifyingthemarket.com/2022/11/03/do-you-believe-homeownership-is-out-of-reach-maybe-it-doesnt-have-to-be/?a=712984-fa409495d5d70154d03a25e81e9540e2">investment property</a></li>
</ul>
<p>No matter which of these resonates the most with you, know there are many financial and non-financial reasons why you may want to buy a home. While your top motivator may be different than that of your friends, they’re all equally valid and worthwhile.</p>
<h4><strong>Key Obstacles and How To Overcome Them</strong></h4>
<p>Whether your <a href="https://www.simplifyingthemarket.com/2022/10/07/the-journey-to-buy-a-home-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">homeownership</a> goals come from the heart or are driven by financial aspirations (or both), it can still be hard to know where to start when you’re looking to buy a home. From understanding the homebuying process, to getting <a href="https://www.simplifyingthemarket.com/2022/10/24/pre-approval-is-a-critical-first-step-on-your-homebuying-journey/?a=712984-fa409495d5d70154d03a25e81e9540e2">pre-approved</a>, and exploring <a href="https://www.simplifyingthemarket.com/2022/10/31/taking-the-fear-out-of-saving-for-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2">down payment options</a>, it’s a lot to wrap your head around.</p>
<p>The same <em>Maxwell </em>survey also reveals key challenges for potential buyers. Thankfully, the knowledge and guidance of a trusted real estate professional can help you overcome both. Here’s a look at two of the hurdles potential homebuyers say they face:</p>
<h5><strong>1. The Mortgage Process Can Be Intimidating</strong></h5>
<p><strong>In the <em>Maxwell </em>study, 33.37% said one of their obstacles was that the mortgage process is confusing or difficult to understand.</strong></p>
<p>An <a href="https://resources.ownup.com/home-buyer-mortgage-shopping-study-overview-2022?utm_content=normal">article</a> by <em>OwnUp </em>helps explain why the <a href="https://www.simplifyingthemarket.com/2022/10/28/applying-for-a-mortgage-doesnt-have-to-be-scary-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage process</a> is so challenging for buyers:</p>
<blockquote>
<p><em>“There is a general lack of knowledge about home financing. <strong>Mortgages are a complicated topic with no one-size-fits-all answer. It’s difficult to understand the space, let alone determine what the right course of action is</strong> <strong>based on your unique financial picture.</strong>”</em></p>
</blockquote>
<p>While you may be tempted to do a quick search online to find instant answers to your questions, it may not get you the information you need to understand the full picture. Especially when it comes to financial advice, you want to lean on a true expert. Having trusted professionals on your side can help you to learn what it takes to achieve your dream of homeownership. Not to mention, an expert can give you advice specific to your situation, not generic advice like you’ll find online.</p>
<h5><strong>2. It’s Hard To Know How Much You Need To Save</strong></h5>
<p><strong>In the <em>Maxwell </em>study, 45.75% believe they don’t have enough saved to cover their down payment or closing cost expenses. </strong></p>
<p>What you may not realize is that, today, there’s a growing number of down payment assistance programs available nationwide to help relieve this pressure. A report from <em>Down Payment Resource</em> <a href="https://downpaymentresource.com/professional-resource/homebuyer-assistance-programs-proliferate-in-q3-as-median-u-s-down-payment-skyrockets/">says</a>:</p>
<blockquote>
<p><strong><em>“Our Q3 2022 HPI report revealed a 1.6% uptick in the number of homebuyer assistance programs available to help people finance homes,</em></strong><em> raising the number of programs to 2,309, a net increase of 36 over the previous quarter.”</em></p>
</blockquote>
<p>Additionally, as the housing market cools, buyers are regaining some <a href="https://www.simplifyingthemarket.com/2022/09/15/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2">negotiation power</a> and more sellers are willing to work with buyers to help with closing costs.  Understanding what’s out there and the options available may help you achieve your dream of homeownership faster than you thought possible.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re serious about becoming a homeowner, know it may be more in reach than you think. Lean on trusted professionals to help you overcome challenges and prioritize your next steps.</p>
</div>
</div></article>