We’ll be honest, this market update is a bit of a snoozer because not much has changed. We are still low on home inventory, buyer demand is high, and rates are predicted to stay low. What that being said, we dug up some interesting information on the types of buyers and their home buying patterns.
Gen X is controlling about 46% of the income and investments, which include homes.
Millennials are now trending toward the suburbs and they are moving on to their second home to grow their family. Who would have thought?!
Gen Z (Zoomer) is the newest generation coming up in the market and they are under 25 years of age right now. This brings us to a National Association of Realtors (NAR) statistic that says, 46% of these Gen Z non-homeowners want to own a home. This group, in particular, has challenges when it comes to student loan debt and maybe not having a steady job yet. Once they start buying more homes, this will then trickle up to the other price points and this impacts the Boomers.
Boomers are looking to downsize and are competing for the same homes Gen Z and Millennials are looking for. This has made for a very interesting market over the last several years.
With all of this in mind, having an experienced Realtor on your side is a must in this market. If you’re thinking about making a move, set yourself up for success and reach out to us. We can help narrow down your search by focusing on the lifestyle you’d like to live, at the stage you’re currently at. From our experience, this method has led to happier homeowners long-term.