There’s no denying that the real estate market has been challenging for buyers in recent months. Low inventory and high demand has made it hard to find the right property and, if you do find a great property, to outbid other buyers.
But buyers—and, more specifically, millennial buyers—are feeling confident that tide is about to turn.
According to recent data from the National Association of Home Builders, the percentage of millennial buyers who expect an easier house search in the coming months increased dramatically year over year; in Q1 2021, nearly half of millennial buyers (42 percent) expected their house search to improve over the next few months—compared to just 26 percent in Q1 2020. A major reason for this optimism is an uptick in inventory. Forty-six percent of millennial buyers reported seeing more homes on the market in Q1 2021 vs. 3 months earlier—compared to just 34 percent in Q1 2020.
The Takeaway:
So, what does this mean for you? Housing availability is still a challenge across the country. But as more homes hit the market, millennial buyers are feeling optimistic that finding and buying a home will get easier over the coming months—so if you’ve been thinking about buying, now is a great time to make a move.
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