Happy October, friends!
While doing my weekly market updates, I came across an interesting article on my favorite Florida Realtors news site. This particular piece disseminates national real estate trends per quarter, gathering information and sorting it between generational buyers. Across the board, the news is GOOD!
One of the biggest changes I’ve noted however is that nationally, the most open to both purchasing AND selling property at the moment happens to be a near split between Older “Boomers” and “The Silent Generation” (which, if you haven’t heard of that description before, is basically those born just ahead of the boomers, toward the end of the Great Depression, leading right up to World War 2).
Surprisingly – to me anyway – Millennials are the least optimistic about the state of our economy, and likewise are the least open to purchasing a home at the moment. Why is that surprising? Well, because Millennials have been the largest group of recent buyers that I’ve personally worked with here in SW Florida.
There is conflicting market data to that point; not long ago the same news source, the National Realtor Association, put out market data suggesting that it is Millennials driving the housing market, not holding back as is suggested here. It is true that many people born in that bracket of 1980 – 1998 struggle with mounting student loan debt and a highly competitive job market, BUT what many may not realize is that there are creative financing options available to them.
Whether taking advantage of first time buyer grants, Doctor Loans – which do not require downpayments at closing, or finding a lender willing to overlook or even raise debt to income ratios to accommodate those pesky student loans – people are out there willing to help make purchasing your first home an attainable goal. (And I’m always here if you need someone to light the way 🙂 )
My point? Overall, 63% of all people surveyed across every demographic feel that NOW is a great time to BUY, and 74% feel that NOW is a great time to SELL!
So let’s get to work, people!