This is great news! According to the NAR, millennials are the new dominant buyers in the current real estate market.
Millennials are changing the game after holding out on real estate and the idea of purchasing a home in general. Over the past few years renting or living with parents, friends and/or family has been a much preferred option for this age group. The economic downfall set this group back in not only job opportunities, but also well-paying jobs. Home ownership seemed out of read to many, but due to the creativity and outgoing nature of this generation it is now a reality.
According to BMO Harris Bank, 32% of people between the ages of 18 and 34 are planning on purchasing a home in the next 12 months! We are going to see a huge influx of buyers entering the market for the first time, which is exciting if you are trying to sell your starter home. Take into account though that millennials have waited a while for this opportunity and will tend to choose homes that are unique and offer either ample potential after renovations or highly updated properties.
This upcoming year is looking very positive for sellers. Inventory is still not where it was several years ago, so if you are interested in selling your home remember the millennials hold the largest share of the market. They will come in ready to purchase a home, giving you an opportunity you can’t miss.