More Millennials ;expected to buy homes next year, according to a national statistic
EL PASO, Texas (KFOX14) —
According to realtor.com, more millennial‘s are likely to take out a mortgage next year.
Norma Flores, a local mortgage loan originator for Legacy Mortgage, says national home prices will increase next year, but it won’t have much impact on the El Paso market.
“The interest rates are really good right now, so the sooner you buy, the more equity you get on your property," Flores said.
An article released by realtor.com reported the follow statistics:
• A 3.2 percent increase in home prices
• A 2.5 percent increase for home sales due to inventory
• Mortgage rates are expected to reach 5 percent by the end of the year
“A lot of people don’t know that there's down payment assistance programs out there to help. They think they have to save for a long period of time, but that's not the case,” Flores said.
Flores says the best time to buy a home is when you're young, especially for El Paso residents.
"We are blessed being in EL Paso where the cost of living is much more affordable than anywhere else, so young people are a little bit less in fear of purchasing a home because they can afford it better than any other major city in the country,” Flores said.
All in all, Flores says the more home-owners there are in El Paso, the more it will help the economy thrive.
"The city is growing substantially, and it's because we are buying more homes that's helping our economy," she said.
For any questions or to contact Norma Flores, please call her at (915)-867-1218.