The price of the apartment decreases. Gen Z and Millennials: This may be your shot to storm the housing market

But there may be a small segment of the market where the gene and thousands of millennium can have the opportunity to break, although home prices are currently 51 % higher than they were at the same time in 2020, according to what it mentioned. The US National Housing Prices Index that Schiller. The price of the apartment has already decreased, and it decreased by 2 % on an annual basis in May, according to RDFIN. This is it The second largest decrease Since the real estate company started tracking data in 2012.

The price of the apartment has decreased because the owners of the home were tired of HOA height and insurance fees, according to RDFIN. The average cost of the apartment in the United States is 35,4100 dollars, and RDFIN data appears.

Jacqueline Bild, Assistant Real Estate Broker in Real estate Douglas Iliman Its headquarters in Miami confirmed that the price decreased in the first place is paid High press feesInsurance premiums, the total cost of ownership – not the decrease in demand.

“The stock has increased a little, and the days have risen on the market, which gave buyers more leverage more than they were in recent years,” luck. “This window can represent an opportunity for younger buyers who were marginalized by pricing wars or high interest rates.”

This can be welcome news to Gen Zers and Millennials who have a file A difficult time to storm the housing market For a group of reasons: relatively high mortgage rates, high home prices, and older generations Adhere to their homes for a longer period From what they used to.

The pros and cons of purchase of the apartment

Buying the apartment can be a good place for homeowners for the first time to start because of their usually low price from the homes of one family-a lower support for the boot.

Brett Johnson, real estate agent in Colorado and Malik A new era buyerHe said luck The price of the apartment has decreased in the housing market since June 2024, when the average closure price of the apartment reached 416,000 dollars. As of this June, the average price decreased by 2.6 % to $ 405,000. Johnson said that although it is not a significant decrease, it is “enough to attract the attention of buyers.”

He added: “This could be a good entry point for Gen Z or Millennium Jill who understand the risks and want to perform their homework.”

The home duty is to understand the HOA costs associated with and secure with the ownership of the apartment. He said this is mostly a problem with old or unreasonable buildings.

Johnson said: “I have helped buyers benefit from these price declines, but I always told them to dig deep in HOA’s financial statements, search for special assessments, and understand what they share,” Johnson said. “Some of these apartments are still large, but only if you know what you are entering.”

Florida is a major example In terms of hoa and insurance fees, homeowners are caught by surprise. In recent years, wealthy homeowners have flocked to Florida due to the warm weather and smaller tax bills, but they were met with unexpected residential fees. August 2024 Redvin report The average HOA monthly fee showed 17.2 % on an annual basis in Tampa, compared to 5.7 % at the national level, for example.

During, It is expected that home insurance prices will jump by 8 % This year, with some countries seeing a 27 % jump, according to an ENSURIFY study.

“The buyers not only search for the purchase, but the total monthly expenditures – and if these numbers do not succeed, they walk away or negotiate more aggressively.” “It is a numbers game, transparent buildings, maintenance and financial health go forward.”