Calling All Millennials Its Time To Buy Real Estate

Dated: June 27 2018

Views: 357

Have you ever heard it said that every seven years, 70% of home owners sell their home and move.  That makes sense if you consider the starter home, the move up home, the dream home, the vacation home and the empty nest home,  retirement home and then the nursing home. that's 6X7= 42 years of home ownership. 
Millennial's are putting off buying their first home as they struggle with school loans or the after-effects of the Great Recession. They are skeptical on how safe an investment real estate is. After all the past ten or twelve years banking policy and the federal government has changed the coarse of home owner ship. Now it appears that Millennial's are snapping up houses in greater numbers, many older millennial's are making up for lost time: They're bypassing the traditional gateway to home ownership — the starter, or entry-level, home, fixer uppers — and buying larger, more expensive houses where they're likely to raise families and maybe even grow old. "They rented for longer," says Diane Swonk, chief economist at Grant Thornton. "Now they're going to where they want to stay," possibly for decades. By renting or living with their parents for years, many Millennial's in their mid-30s can now afford pricier houses because they've socked away more money and moved up to better jobs.  Whatever the reason, parents, jobs or they need the extra space because they're finally getting married and having kids after deferring those transforming events.  Thirty percent of millennial's — those born between 1980 and 2000 — bought homes for $300,000 and above this year, up from 14% in 2013, according to NAR. But older millennial's are even purchasing bigger homes than their predecessors at similar ages. From 2012 to 2016, nearly a third of buyers age 33 to 37 bought four-bedroom homes compared to about 24% in that age group in 1980, 1990 and 2000, according to an analysis of Census Bureau data by Ralph McLaughlin, chief economist of Veritas Urbis Economics.Source: USA Today


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Jeffrey Gamble

Jeff has been a full time real estate agent in Southern Ocean County since 1973, so he knows his way around the Long beach Island territory as well as around the real estate business in general. Jeff....

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