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What's in store for housing market in 2017?

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Millennials buy houses?
Millennials buy houses? | Monkey Business Images/Shutterstock.com

Millennials buy houses?

For a long time, the real estate industry waited for millennials to start buying houses in big numbers. They finally arrived. In 2016, people under 35 made up 61 percent of first-time homebuyers, according to NAR.

Lisa Ford, a Realtor and a board member of the Orlando Regional Realtor Association in Florida, has a list of New Year's resolutions for anyone (especially millennial first-timers) who want to buy in 2017.

  • Prepare and file income taxes early, because lenders want to see the latest information about borrowers' income and taxes. Doing your 2016 taxes helps you gather the documents you need.
  • If you get a tax refund, set it aside for expenses such as a down payment or mortgage closing costs.
  • Before looking at homes, find an experienced loan officer "who's familiar with the first-time homebuyer down payment assistance programs that are available."

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