NAR: Millennials untapped potential in housing market
Posted on Monday, March 16, 2015 at 8:04:54 AM
The millennial generation has been on the minds of real estate professionals ever since the Great Recession. Many are concerned that the rocky housing market has turned off many younger buyers, and that it is now harder than ever to connect with Generation Y.
According to Bloomberg, millennial preferences even have some older real estate agents worried. They fear that millennials will instead opt for younger agents or even technology alone in order to buy and research residential financing rates and real estate.
However, the National Association of Realtors found that millennials are currently the largest group of recent buyers, with 32 percent of all buyers in 2014 being 34 years old or younger.
"Over 80 percent of millennial and Gen X buyers consider their home purchase a good financial investment, and the desire to own a home of their own was the top reason given by millennials for their purchase," explained Lawrence Yun, NAR chief economist.
Overall, the NAR survey showed that millennials still have a high demand for homeownership. If this trend is true, then it seems that real estate professionals have less to worry about than they think.