They are or will soon be ready to move into the market, as evidenced by the following results from a recent survey:
Nearly 50% of Gen Y's in a recent survey state that they are likely to purchase a home within the next 3 years.
50% say tax credits or lower interest rates would motivate them to purchase a residence sooner - the 1st time homebuyer tax credit.
70% believe home prices will be higher or at today's levels in two years - are we t the bottom or nearly there?
62% say wealth creation is a very big advantage of real estate ownership - greatest point of their optimistic attitude.
Key points about their future real estate to keep in mind:
Proximity to job(s) is very important.
Proximity to mass transit or other alternative modes of transportation is a key part of the deal.
Anticipate in having less than a 20% down payment.
Once we, as Realtors and as a nation, get these Gen Y'ers to start buying housing, then the rest of the market will follow. So sharpen your tools, collaborate with these Gen Y'ers and let's get the market moving!
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