For all the discussion in the industry surrounding Millennials and their apparent lack of presence in today’s housing market, a new study from the Nation Association of Realtors (NAR) found they now account for the greatest market share of recent home purchases.
According to the association’s Home Buyer and Seller Generational Trends study for 2014, Millennials—aka “Generation Y” or “Generation Next”—comprised 31 percent of recent purchases, leading all Other age groups. Following that were Generation X (defined as those born between 1965 and 1979), which made up 30 percent.
NAR chief economist Lawrence Yun said the increase isn't that surprising, given that many in the younger generation are now in the peak period in which people buy their first home.“
Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand,” Yun said. “Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people.”
Indeed, about 87 percent of recent buyers age 33 and younger said they consider their home purchase a “good financial investment” compared to 80 percent of the total survey population.
Millennials were also among the age groups most likely to a simple desire to own a home of their own as their motive for purchasing—as opposed to senior generations, who relocated due to retirement or to be closer to friends and family.
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Author:Brenkus Team Phone: 702-526-2298 Dated: March 18th 2014 Views: 1,111 About Brenkus: Rick and Teri Have been top producers for over 30 years in the Las Vegas area and have been ranked i...
About Keller Williams Marketplace - Brenkus Realty Network
Rick and Teri Have been top producers for over 30 years in the Southern Nevada and have been ranked in the top 50 agents in the US by the Wall Street Journal out of over 1.3 million agents. They have sold over 7,000 homes in both stable and challenging markets. Their strategies and incredible systems to represent buyers and sellers can not be matched! Sellers enjoy netting top dollar in the least amount of time with their massive marketing and ability to stay ahead of the curve! This Top Producing Team has consistently been in the top 1% of agents Nationally for the last 30 years. They are national speakers and are highly sought after by many who want to get to the next level in their business. They also serve on Professional Standards at the Greater Las Vegas Association of Realtors and are Senior Faculty Instructors. Their list of credentials are endless!
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"when we decided to list our home in North Las Vegas, I researched several companies and set up interviews with them. After meeting with Rick in our home, we knew Brenkus Realty was the right fit for us. Our home sold quickly. Everyone at the Brenkus team with whom we came into contact was extremely professional. courteous, responsive, and diligent in executing the tasks at hand to bring the sale and close of escrow to fruition. We were especially impressed with our Brenkus escrow manager, Rachel Monfort. We are relocating to North Carolina, but if we needed another real estate company in the Vegas area, I would definitely choose Brenkus again. "