There were 458 homes for sale as of March 1 in the towns of Belknap County, Moultonborough, Tuftonboro, and Wolfeboro. The average asking price was $641,541 and the median price point was $331,450. This inventory level represents 3.8 months' worth of homes on the market to see. That, my friend, is pretty low….
I read an article on the internet that said that the millennial generation is by far the most-educated generation. And, as you know, you can believe everything you read on the internet, right?
The article didn’t say anything about them being smart, though. There is a difference. It also said that they will eventually be the wealthiest generation, but that their wealth is most likely to be created from inheritance from the baby boomer generation. The article didn’t say anything about them being social and communicative, but you probably know that already if you have tried to have a conversation with some of them. The millennial generation is defined as those being born between 1981 and 1996, in case you didn’t know or even care.
In another recent article on CNBC, it said that 63 percent of millennials that have purchased homes have regrets about doing so. It states that “Underestimating the hidden costs associated with buying and owning a home, including the ongoing responsibilities of maintaining it, is the No. 1 millennial homeowner frustration.”
Really? With as much education and learning that these kids have had, understanding what is involved in owning a home should be a piece of cake. But many claim they didn’t understand the cost of home insurance, taxes, closing costs, and the ongoing home maintenance costs. Wow!
What gets me is that lenders and real estate agents have always explained to prospective buyers (especially first-time buyers) what to expect for closing costs. And, since the TILA-RESPA Integrated Disclosure (TRID) rules were established in 2017, there is no way any buyer can buy a home without being aware of the closing costs associated with the purchase, unless the buyer just doesn’t listen or can’t read. The new regulations make sure every penny is accounted for and explained when you buy a home.
I suppose a millennial buyer could very well not understand the ongoing maintenance costs associated with owning a home. After all, it is very likely he had never helped his parents around the house doing chores like painting, repairing the deck, or maintaining the yard. But that’s not his fault; he was likely in the basement playing alternative reality and city building video games like Sim City on his computer. He surely understands that his computer might need some ongoing maintenance and upgrades that might cost a few bucks but that didn’t likely translate into real world housing.
The article also said that many millennial buyers over-stretched their budgets and bought more expensive houses than they should have. It says they did so because there weren’t any affordable homes available. Perhaps a smarter move would have been to wait until they found a house that they could truly afford … but, you know, everybody needs everything right now.
Anyway, I don’t mean to rag on the millennials (but, it can be fun!). They are good kids and the future of America. Many are not only educated, but also very smart and savvy. But there are some that can’t make change at McDonald's without looking at the register to see what to give back. I am sure you have met them.…
Please feel free to visit www.DistinctiveHomesNH.com to learn more about the Lakes Region real estate market and sign up a monthly newsletter. Data compiled using the NEREN MLS. Roy Sanborn is a sales associate at Four Seasons Sotheby's International Realty. Contact him at 603-677-7012.