I just found an interesting article from The Real Estate Book’s website that I thought was worth of posting. Its been interesting for me to see the shift in buyers and how our business is evolving after being in the real estate industry for almost 24 years now.
Fortunately I hired a terrific young millennial to handle all my internet, website, and social media marketing and branding to ensure we stay on top of these technology changes and are able to readily and professionally service the new generations.
If you are thinking of buying or selling a home in Roanoke, Virginia and our surrounding areas, our team would love to support. We work with a lot of home buyers and sellers here in the area and offer a fully staffed team with over 40 years combined experience. Give us a call or an email today at 540-725-7727 or email@example.com if we an be of support. Please visit our website at http://www.thecrouchteam.com to discover more about our team and to see the homes we currently have for sale.
Despite what many think the fall season has traditionally been a very busy time for buying and selling, we’re excited to see how the 4th quarter of this year ends up for the Roanoke, Virginia housing market.
Here is the article about today’s home buyers:
By Courtney Soinski
millennial2Did you know that millennials have outnumbered baby boomers? Specifically, they make up 87 million of our population versus 76 million baby boomers, according to the Joint Center for Housing Studies of Harvard University.
“Millennials” are those born after 1982 and more and more of them are entertaining the idea of home ownership. “Ultimately, the large millennial generation will make their presence felt in the owner-occupied market,” says Daniel McCue, research manager of the Joint Center for Housing Studies, “just as they already have in the rental market . . ”
While demand is currently strong among millennials in the rental market, rent prices are going up. As incomes increase through either economic or job growth, they may be ready to buy. Additionally, the number of households in their 30s should increase by 2.7 million over the coming decade, which should also boost demand for new housing.
There is evidence that millennials are already beginning to consider buying versus renting, according to the 2014 NAR Home Buyer and Seller Generational Trends study. This report states that “87 percent of buyers aged 33 and younger consider their home purchase a good financial investment compared to 74 percent of buyers 68 and older.”
For now, tight credit, still elevated unemployment, and mounting student loan debt among young Americans are moderating growth and keeping a good number of millennials and other first-time homebuyers out of the home ownership market, the study concluded. It’s also important to consider how potential GSE reform will affect the cost and availability of mortgage credit for the next generation of homebuyers.
Working with this large group of buyers beginning to enter the market may also be a different experience for real estate professionals. This group embraces technology, particularly mobile and social media, and brings a new set of housing preferences and expectations to the table. For real estate professionals, this means beginning to understand how to effectively target and engage this up and coming group of home buyers.
Source: National Association of Realtors, Joint Center for Housing Studies of Harvard University