According to the BMO Harris Bank, 32% of people ages 18-34 are planning on purchasing a home in the next 12 months. This number is startling after years of millennials holding out on the real estate market and the idea of purchasing a home in general. Over the past few years renting or living with parents, friends and/or family has been a much preferred option for this age group. After an economic downfall that set this group back in not only job opportunities, but also well paying jobs, owning a home seemed out of reach for many. However due to the creativity and outgoing nature of this generation along with an economic pick-up home ownership is not out of reach for much longer.
Over the next year a huge influx of millennial buyers are expected to enter the market which is fantastic news for those hoping to sell their starter homes. Take into account though that millennials have waited awhile for this opportunity and will tend to choose homes that are unique and offer either ample potential after renovations, or properties which are already updated.
With that said, we think this data is extremely encouraging on top of a fantastic summer filled with an influx of buyers in general. The upcoming year is looking very positive for sellers and buyers alike, but the ball is definitely still in the sellers court since inventory is not up to where it was several years ago. If you are interested in selling your home in the upcoming months, consider the large number of millennial buyers entering the market along with the existing buyers in the area. These buyers will come in ready to purchase a home after waiting quite a while to make this decision and you should take advantage.
For more information on selling your home, please don’t hesitate to contact us for more information!