Every year realtor.com® does an annual survey of home buyers to compile data on home-buying trends. According to their 2016 findings, more than half of all homes next year will be bought by first-time home buyers, and the survey states most of those buyers will be millennials.
- In 2016 33% of home buyers were first-time buyers
- In 2017 52% of home buyers were first-time buyers
- In 2017 61% of first-time buyers will be under age 35.
Jonathan Smoke, chief economist for realtor.com® said, “This represents an ‘Oh, shift’ moment in housing. With so many first-time buyers in the market, competition will be even fiercer next year for affordable starter homes in the suburbs. Those looking to buy may want to consider a winter home purchase in order to avoid bidding wars and higher prices spurred by a potential increase in millennial buyers.”
Millennial First Time Home Buyer Focus:
- More Space
- Indoor and outdoor space
Millennials’ Top Reasons for Buying:
- Moving in with a partner
- Getting married
- Growing tired of their current living space
- planning an addition or two to their family
Millennial Buyers Prefer:
- Single-family homes (39%)
- Townhomes (34%)
- Multifamily homes (15%)
- Condos (10%)
If you are a millennial thinking about buying in the near future, or just someone who wants to beat the millennial rush, we should sit down and talk about what you are looking for and how your financing can be lined up to meet your home buying needs.