Earlier this month, Zillow predicted that millennial buyers (under the age of 35) will become the largest group of buyers, overtaking Gen X (35-50 years old) by the end of 2015. Dr. Stan Humphries, Zillow Chief Economist, explained:
"Roughly 42 percent of millennials say they want to buy a home in the next one to five years, compared to just 31 percent of Generation X, and by the end of 2015 millennials will become the largest home-buying age group. The lack of home-buying activity from millennials thus far is decidedly not because this generation isn't interested in homeownership, but instead because younger Americans have been delaying getting married and having children, two key drivers in the decision to buy that first home. As this generation matures, they will become a home-buying force to be reckoned with."
Two days later, Realtor.com also projected that Millennials will be a driving force in the housing market next year. In their 2015 Housing Forecast, they claim:
“Households headed by millennials will see significant growth as a reflection of economic gains. Millennials will also drive two-thirds of household formations over the next five years. Next year's addition of 2.75 million jobs and increased household formation will be the two key factors driving first-time buyer sales.”
Has the Millennial Home Buyer already re-entered the market?AEI’s International Center on Housing Risk also released their first First-Time Buyer Mortgage Share Index this month. The report revealed that the percentage of first time home buyers may have been underestimated in 2014. According to the report, the percentage of first time buyers “averaged an estimated 46 percent over the 12 months ending October 2014”.That number far exceeds other numbers reported by the National Association of Realtors and others.
The Millennial generation is growing up, finding jobs, getting married and starting families. Homeownership will definitely be the next step. Great Millennial homes below.
"How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Internet Search
Your most memorable moment
When, after looking at many, many possible properties, he took us to the home we purchased and made that experience go so smooth.......we needed to close in 3 weeks, which we did, and he walked everything thru quickly and all went simply great. We also had Mark Ulloa help us buy a small house so our kids could live close to us. This also was done expertly and with ease. I couldn't think of any other Realtor who could have handled our needs any better.
The moment you'd rather forget?
No. His is always on time, prepared and professional...........what more could you ask for.
We met Mark Ulloa from online ads and were trying to start the looking/buying process ahead of coming to Casa Grande to buy a house. He worked with us for many weeks, and when we came to the area and met with him, he had 5 days filled with possibilities. We were so pleased with his ability to listen and try to find what we were looking for. We did so on the 5th day. He put it all together within the 3 week time for closing etc. We couldn't have had a better experience. We have purchased homes in other states before much like this one, and can honestly say this was our best experience yet. We highly recommend Mark Ulloa and know he will give you the best service.
Not at this time, but always tell people about Mark Ulloa and our good experience with him. Thanks Sharon Logan"