MILLENNIALS ARE MAKING THE MOVE… TO HOME OWNERSHIP!
Another trend that could continue influencing the real estate market this spring and beyond is an increase in millennial buyers. Nearly five million millennials are set to turn 30 this year, and they now comprise the biggest segment of home buyers. In 2018, millennial homeownership was at record lows, but there's evidence that is changing. With interest rates so low, a desire to make a space truly theirs and rent prices increasing steadily… purchasing makes sense!
Around 86% of younger millennials and 52% of older ones are buying their first homes, and some are buying luxury properties that are well beyond what you'd consider a starter home. This clear trend shows that they want to move into a fully completed home that offers all the bells and whistles!
Millennials will likely drive the market throughout 2022. A survey from the National Association of Home Builders found that 27% of millennial respondents planned to buy a home in the next 12 months, up from 19% the year before.
WHAT DOES THIS MEAN?
We are expecting no slowdown in prices increasing over the next few years and with the demand staying consistent and rates low, waiting another year may mean higher interest rates with higher prices which means you pay more for the same exact home!
Be sure to check out our YouTube channel The Chicago View by Ri Prasad for more tips for the buying process and how to make sure you are setting yourself up to have the winning bid!
And don’t forget if you’re thinking of buying your next home here in Chicago, IL, we are your area specialists. And if you want more information on your selling your home for top dollar, please reach out to me at any time!