Millennials Are On The (House) Hunt!

By
Real Estate Agent with Keller Williams Realty New Tampa

Just read an interesting article in the Tampa Bay Times on first-time home buyers and surprisingly most of them are millennials - this according to a recent Realtor.com survey of Americans who are planning to purchase their first home in 2017. For several decades - baby boomers (those of us born in the years after World War II) have made up the bulk of home buyers - but all that is changing. The new buying group is millennials, those between the ages of 18 and 34. Surprisingly, as millennials get older and start to plan their families, they basically want what boomers have always sought in a home - safe neighborhoods, good school districts, and more space. But while most millennials want to live in the suburbs like their parents and grandparents, they tend to be picker than both. And, what they are looking for in a home is usually more than they can afford. Yet, while some millennials are carrying student loan and other debt, others are able to purchase a home and take advantage of interest rates that are still historically low - with FHA loans that only require a 3.5% down payment. However, due to limited inventory in the current market, millennials are finding themselves competing for homes that are affordable and in nice areas. For the most part millennials tend to be cautious and demanding in their home buying. And, as they begin to surpass baby boomers as home owners, they stand poised to revolutionize the entire home buying process.

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Topic:
Real Estate Market Trends
Tags:
first time buyers
tampa home sales
loan rates
home sales

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Rainmaker
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Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

thanks for sharing this important news about the Millenials and their buying habits

Nov 04, 2016 10:40 PM #1
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

We very much appreciate you sharing this information with us today.

Nov 05, 2016 12:41 AM #2
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Rainer
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