Millennials Needs
When deciding to buy a home, people are presented with many different options. The type of home you buy depends on your needs, budget, and in many cases, the desired maintenance level. For many millennials, their choice has been buying a condominium! So many are on the hunt for
According to CoreLogic,
“Last year about 43% of all condo home-purchase mortgage applications were submitted by FTHBs… Similarly, the data show condos were more popular with young homebuyers and empty nesters. For instance, 21% of all condo home-purchase mortgage applications were submitted by buyers aged 18 to 30, compared with just 17% of all single-family home-purchase mortgage applications by the same group in 2018.”
With home prices increasing year-over-year, it makes sense millennials are buying condos for sale in Rocklin CA, Roseville, Lincoln, and other areas in our Placer Sacramento area instead of a single-family house. As a result, the demand for this type of home has been increasing.
As this graph explains,
“The younger millennials are the largest cohort and are likely to drive much of the condo demand in the coming years”.
A Couple of Condominium Caveats!
FHA Approved?
As I explained in a previous article, condos can have some extra issues. One vital one to check into is whether the Rocklin condominiums you are interested in accept FHA loans. NOT ALL ROCKLIN CONDOMINIUMS DO. And sadly, there are no condos in Roseville CA currently that are allowed to. BUT there are TWO Rocklin condo communities where you are allowed to get an FHA loan:
- Club Pacific Condominiums Rocklin CA
- Hearthstone Condos, Rocklin CA
There are at least four other Rocklin Condo Communities and four Condos in Roseville CA but at this moment in time, none are showing up as approved for FHA loans. From what I've seen of them (I've seen most but not all, they look lovely and worth checking out, you just can't do an FHA loan with the 3.5 down payment. I have heard of some conventional loans with only 3% down and if that interests you, let me know. I have a great lender who can help you with the ins and outs of any of these loans.
One more thing to consider. I learned from a wise real estate teacher in college – when you buy, always think re-sale. So when you are considering which of the lovely condos for sale in Rocklin, Roseville and the surrounding area you want to buy, remember that it might be easier to sell it later if it is FHA approved – even if YOU don't need that.
Not All Boxes for Condos May Be Checked
I'm not sure how it happens but I just did a check on the Sun City Lincoln Condominiums for 55+ active boomers and seniors. My search for “condos” turned up 4 sold in the last 5 months. My map search for the condos turned up 7 homes sold in the last 5 months. And in case you are wondering, NONE are for sale at this moment in time, though that could change any second. So my best recommendation is to call me and let me set you up with MLS direct emails for when one of those is available – and I'll do it two ways, just to be sure we see them all! KayeSwainRE@gmail.com 916-768-0127 🙂
Bottom Line for Roseville Rocklin Area
If you are a millennial considering buying a home, understand that there are options available in our area including Rocklin and Lincoln. You may find yourself in a condominium as your first home. If you would like to determine which type of home best fits your needs, let’s get together to evaluate your options!
Kaye
P.S. Check out some of the lovely and affordable condos for sale in our area:
Condos for sale in Rocklin CA
Condos for sale in Roseville CA
Condos for sale in Lincoln CA
Over 55 Condos Sun City Lincoln Hills For Sale
These searches are updated immediately when new homes are listed, so if one of the categories above is empty, check back daily as that can change often. 🙂
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