Home Real Estate First-time millennial home shoppers face cash-rich baby boomers: ‘Hang in there’

First-time millennial home shoppers face cash-rich baby boomers: ‘Hang in there’

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The average mortgage loan amount for millennials was $414,013, with an average purchase price of $506,772. The 1,353-square-foot house at 435 NE 68th Ave. in Portland’s North Tabor neighborhood is for sale at $505,000.Michelle Holmes of Opendoor Brokerage

First-time homebuyers Estevan and Kelsie Sanchez were prepared to face stiff competition for the low level of residential properties for sale in Portland. The millennials were successful with their second offer, and in August moved out of their rental and into a 1928 bungalow in the city’s Southeast Reed neighborhood.

Finding a home they love took the sting out of their initial offer being rejected. That house went to a couple with a large down payment bankrolled by baby boomer parents, which assured the seller the deal would go through even if the appraised value was less than the sale amount.

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