Millennials Don’t Know About Closing Costs
March 26, 2015 |
It seems millennials do not know about or understand closing costs, and the responsibility to tell them about closing costs is falling to Real Estate Agents. Two-thirds of potential home buyers between the ages of 18-34 are unaware of closing costs, and therefore the true cost of buying a home. And, interestingly, one-third of all home buyers, regardless of age, do not understand what closing costs are.
Closing costs are usually between 2 and 5% of the selling price, quite significant to all buyers, and especially first-time buyers.