Are Millennials Making A Difference in The Real Estate Industry? The answer is YES! It is no surprise that millennials are a generation breaking away from traditional paths of life across all areas of society. Their views on life and values are creating a ripple effect through many industries. Their interests are different from earlier generations, and experts point out one shifting perspective between millennials and previous generations, Motherhood. According to a government report released in May 2018, U.S. birth rates declined last year for women in their teens, 20s and – surprisingly – their 30s. This pattern has resulted in the fewest new babies being born in 30 years.
What does this mean for real estate?
While millennials have continued their dominance as the largest buying group in the market, they are starting families and getting married later in life. They are taking time to establish their careers, thus their plans and goals to purchase large homes are also pushed out. Previous generations were looking for homes that could fit a family, but millennials are financially savvy and living in smaller spaces. Many are single or cohabitating with just one other person which allows them to operate on much smaller budgets. They are a generation that came to the workforce during a financial crisis, so they tend to be more risk averse.
New Demand for Smaller Homes.
As result of the millennials’ buying habits as well as Baby Boomers following the trend of downsizing, we are seeing a higher demand for smaller homes, condos, and townhomes. That is one sector of the market that is still dealing with an inventory shortage. Because of this shortage, rehab loans are becoming more popular because homes that need a lot of work are the ones not selling very fast. Because of this shift there is a surplus of properties in the high-end luxury market and was the only sector of the market that had a down year in 2017 according to Realtor.com. Whether you are looking for a condo, townhome, luxury home or a farm we can help you leverage the current market to find the perfect home for you and your family.
Why Premiere Properties Group?
Premiere Properties Group is more than a real estate business. We also consider ourselves advisors in lifestyle consulting. With economic, career and lifestyle trends compelling families to move away from states with high cost housing, high taxes, and fees and other challenges can be overwhelming. Our team is here to help you find a new home and help you navigate the transition by understanding your current lifestyle and what matters to you. All of us work together, not only to find a home that meets your style and budget, but to be aware of options for your lifestyle interests. We understand that there is more to living than just a nice home and offer our services at no cost to understand lifestyle options in Nashville and Mid-TN. nashvillepremierehomes.com