Who Says Millennials are not Buying Houses?

Homeownership is the American dream. And whether its a turn-key/newly remodeled home or a “fixer”. Those who are buying houses right now break down into the following categories as described by the KCM blog below:

  • 30% - Generation X
  • 30% - Boomer Generation
  • 9% - Silent Generation

Buying a home can be trying: firstly finding the right type of home in that price range you want, secondly any other multiple or competing offers, thirdly having to make the big decision which is most likely the most costly in ones life, etc.

There's a lot of having to buy a home starting with finding the right Realtor who can guide you through each step of the way.  With 25+ years dealing in real estate and in the same area, Sonoma County, I have dealt with many a home buyer and home seller all with different agenda, likes and dislikes, time frames they were working with, etc.

If your trying to get that home you always wanted but for some reason haven’t been able to get the financing necessary, I’d suggest looking into getting a Hard Money Loan. I’ve helped many people get their loan funded when no one else could!

Forest Tardibuono Co-Owner and CA BRE Broker known as “The Guy in the White Hat” of Sun Pacific Mortgage & Real Estate - Your Northern CA Hard Money Lender since 1988. P.S. We love referrals!  www.sunpacmortgage.com. BRE license #01464899/NMLS #360993

 

Who Says Millennials are not Buying Houses?
By KCM Crew 1 April 2014
http://www.keepingcurrentmatters.com/2014/04/01/who-says-millennial...

We have often gone against the grain to promote the fact that Millennials have a stronger belief in homeownership than previous generations. Some have strongly disagreed. Well, a new study from the National Association of Realtors (NAR) found Millennials now account for the greatest market share of recent home purchases.

NAR’s Home Buyer and Seller Generational Trends Study for 2014, revealed that Millennials comprised 31 percent of recent purchases, leading all other age groups. Here are the percentages for other generations: 

  • 30% - Generation X
  • 30% - Boomer Generation
  • 9% - Silent Generation

NAR chief economist Lawrence Yun explained:

“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”

Other findings from the report:

  • 87% of recent buyers age 33 and younger said they consider their home purchase a “good financial investment”
  • Millennials were most likely to have a simple desire to own a home of their own as their motive for purchasing
  • The median age of recent Millennial buyers was 29
  • The median income was $73,600.
  • 87% purchased an existing home, and they plan to stay in their homes for a median 10 years.
  • Younger buyers relied more heavily than older groups on real estate agents to help them navigate the process.

Bottom Line

Millennials are in the market and recognize the importance of using a real estate professional to guide them to the closing table.

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