I recently read and article from DSNEWS.com the article was “Economist Predicts Millennials Will Greatly Increase Presence in Home Market in 2015″ by Tony Barringer. Fantastic article and we wanted some insight from our own Real Estate Guru/Educator/Vice President of RE/MAX Classic Bart Patterson on this topic.
Here is his quick synopsis on that particular article;
“I think Zillow‘s chief Economist did a pretty good job talking about the Millennials and their potential buying trends for 2015. I also feel that we will see the trend increase towards the purchase as they experience increased rental rates, it only makes sense to own and grow the investment even at a minimal rate. While he mentions less expensive being important I do think he is forgetting that they also come from a perspective now that having the 3000+ square foot house is not of interest, the millennial generation is a much more mobile group, they are not going to be a family of 6, and they are far more eco-friendly than any of the other generational profiles. As the buyer market reemerges from its long hiatus this will help the Millennial’s step into the market, again they didn’t want to play with competing offers and the stress of the Sellers market, low inventory and difficult mortgage processes. It will be exciting to see the new Millennial group take it’s first steps towards home ownership.”