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Potential homeowners in Minnesota face financial challenges

Many young adults in Minnesota may have once anticipated becoming homeowners. After all, owning a home is a sign that a person is able to manage their finances responsibly. Moreover, people just like the idea of having a house and land that is theirs and theirs alone to do with as they wish. However, for some young adults, homeownership is becoming a distant dream.

Two years ago, homeownership across the nation dropped to its lowest rate since the 1960s. After the housing bubble burst in the mid-2000s, many people had to foreclose on their homes, and the number of people owning their own homes, which sat at 69.2 percent in 2004, tumbled. While the rate of homeownership has experienced a slight rebound, rising from 62.9 in 2016 to 64.2 in 2017, those wishing to buy a home still face challenges.

For example, one survey revealed that almost 75 percent of respondents stated they are putting off buying a home due to student loan debt. Some people are also looking for a boost in income before buying a home. The affordability of homes is also an issue. Recent tax law changes may also dissuade people from buying a home.

Despite these challenges, some millennials are looking to buy a home. And, those who may want to should make sure they understand what real estate laws apply to the home-buying process. For example, a potential buyer may have certain rights that the seller must respect. Moreover, potential buyers will want to make sure that no step is overlooked when they are purchasing a home, so that no legal issues remain that could affect their ability to close on the home.

Potential sellers will also want to make sure they understand what their legal rights are, so they are not taken advantage of during the home-buying process. With the right help, those looking to purchase or sell a home can ensure they understand what is expected of them under the law, so the selling process runs smoothly.

Source: Brainerd Dispatch, "Chasing the American dream: Homebuyers face hurdles," John Hageman, March 17, 2018

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