Millennials in the Housing Market
Posted on March 24, 2014
The Millennial generation is reaching the time in their life where historically speaking, home buying activity peaks. Second to the baby boomers in size, Generation Y is the largest in history and happens to be coming of age into a market midst recovery. Facing the challenges of limited inventory, tight credit and student-loan debt, will the Millennials stay true to form of generations past?
Just a few weeks ago, The National Association of Realtors® released its annual survey of homebuyers, which evaluates the generational differences of recent market buyers and sellers. Among the highlights: the growing influence of these people ages 33 and younger. Critically speaking, this is huge. Even with market tensions, the study found that the largest group of recent buyers was Generation Y.
What does this mean to you as a Northwest Florida real estate agent? That amongst this generation there is a strong underlying demand and desire to own a home. Roughly 76% of this group is first-time buyers. It is your job to help them understand the process of buying a Gulf Coast home and tackle the obstacles for one of the most significant financial transactions of their lives.
Posted in: Real Estate Market |Tagged: First Time Homebuyers, Northwest Florida, Real Estate.