Modest condo's and starter homes are quite popular as are rentals with millennials; the latter especially in high-priced areas such as New York City and Boston.
Great post Sam Shueh and I sorta agree because I have both siblings and children that represent those demos.
My youngest brother, 16 years my jr. just purchased his first home at 56. While some of my children are investing in coastal manufactured home purchases for the quality of life they seek.
Most importantly, however they only have to pay space rent whie enjoying reasonable appreciation on the manufactured home due to geographical proximity and desireability.
You're right about focusing on millennial sellers. They are a generation that is part of the population inheriting from their boomer parents and grandparents.
While on the surface some millenials don't seem to be as tied to the material consummer based economy of those who have gone before them, that may change once they have shed themselves of student loan obligations, etc.
I wonder what percentage is urbal real estate in major markets like New York, Chicago, San Francisco?
Well, seems now people do not really move that often, unless they have to.
Millennials will soon be a major force in driving the market. The more we can learn about this enigmatic home buyer, the better.
Yes, unfortunately our area median homes are over 1.05M. You show me your parents gift letter, preapproval, I will show you homes. They often want to view the entire SFBA and debate and narrow down to a few top neighborhoods where townhomes are now over 1.2M+.
The fact they procrastinate so long they lose the competitive edge by the time they decide on a home. Redfin works with a lot of them. Their offers comes low.
My experience is the millennials are selling because of marital problems. They are so broke after move in I doubt they can move up.
Yes, Sam Shueh , working the Bay Area is certainly a different beast! These stats may not apply to you but across the country and especially in mid-level markets, we're seeing a lot of opportunities. It may be a bit longer until young homeowners in your area feel the need to move!