Millennials are beginning to enter the housing market, and this is having quite the impact. Let’s discuss this development today.
An article from Realtor.com recently reported that the largest group of millennials ever will be turning 30 years old—the prime home-buying age. This same article also touted millennials as having greater purchasing power than any previous generation.
So what does this mean for our market?
Ultimately, it means that the market has remained strong, with homes still selling quite quickly and for top dollar. Between the factors I mentioned earlier and the fact that interest rates have reached all-time lows, millennial buyers are keeping inventory low and demand high.
Therefore, if you have a property you’ve been thinking of selling, now is the time to make a move. This is especially true if you’re thinking of moving up, as the majority of these millennial buyers are on the hunt for their first home.
With all of this in mind, please remember that our team is here to help. If you have any other questions, would like more information, or are curious how we can assist you with your buying or selling goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.