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Wait, What? Millennials Settling Down?

Mark Crespi

Mark is a jovial individual who firmly believes that creating a bond full of trust andsupport is vital to any successful relationship...

Mark is a jovial individual who firmly believes that creating a bond full of trust andsupport is vital to any successful relationship...

Oct 12 3 minutes read
Why It's a Good Time for Millennials to Buy


Mark:
Hey millennials!

Eric:
Are you frustrated with buying in today's competitive housing market? More and more millennials are making the decision to enter home ownership. Millennials today actually represent 33% of the total sales of the past year. It's a really growing segment of the marketplace right now. The median age being around 32.

Mark:
And because it keeps on growing, every year more and more millennials enter the housing market, the demand is outpacing the supply, right? Prices are continuing to rise and this is partially because many of the baby boomers that we thought were going to sell, maybe haven't sold yet. It's also because many millennials are continuing to enter the housing market. One of the benefits of the housing market continuing to rise is that if you buy now, your house will continue to gain equity. Another great benefit is that interest rates are at an all time low right now.

Eric:
Yeah. I've actually added a few buyers recently that locked in at 2.75. We just refinanced our home at 2.75. One of the other factors that we have working in our favor right now is the job market is incredibly strong. And at the beginning of COVID, we were seeing somewhere around 12% in terms of the overall unemployment rate, we're hovering around eight right now. And experts are saying that by 2021, we should be seeing unemployment sink to about 6%. So continuing to get better and better.

Mark:
The nine major industries that the millennials work in these days out of all nine of them, only two of them have been severely negatively impacted.

Eric:
And that's film-

Mark:
Film and hospitality.

Eric:
Hospitality.

Mark:
So let's move on to the light at the end of the tunnel. Fannie Mae predicted that in the next six to 10 years, there'll be about 10.5 million to 11.9 million single family homes available in the US as the baby boomers continue to sell off their houses and move into smaller condos, retirement communities, opening up the inventory for the millennials.

Eric:
Exactly. This should really, really help with the demand that we're seeing right now.

Mark:
So whether you're a millennial, a baby boomer, or anyone in between-

Eric:
Give us a call, leave us a message. Until next time-

Mark:
Stay tuned and stay focused.

Eric:
And stay focused.

Mark:
Hey millennials. Oh, so I have that.

Eric:

Okay. 

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