Is Millennial Demand for Housing Coming?
Filed under: Temecula Real Estate
Millennials are a hot topic in the real estate industry right now, and there are many articles published about how to market to millennials. It is widely known that many millennials are not choosing to buy a home. Instead, they are choosing to rent a property, most likely to avoid the cost and responsibility of home ownership.
Millennial Home Buying Trends
When you look at the numbers, it is clear that millennials aren’t buying houses at the pace that we anticipated. This demographic is waiting longer to get married, they are waiting longer to have children, and they are waiting longer to buy a house.
If we read between the lines, can we assume that there is some pent-up demand from millennials that aren’t buying in the real estate market? Eventually, it is possible for this surge to hit the marketplace, which will impact inventory and home prices.
When the Millennials have children, and they are running out of space in their rentals, they will look at options to buy a home for their family.
Will Prices Push Higher?
Some real estate experts have said that housing prices will increase when the pent-up demand is released. When the Millennials start to buy homes, demand will go up and so will prices. It is basic economics.
When will this wave of millennial homebuyers hit? It’s hard to pinpoint an exact timeframe, but we believe that it will probably happen within the next three to five years. So, if you are planning to buy a home for your family, you might consider the benefits of taking action right now. Purchasing a home right away will help you to beat the rush of millennials that are ready to buy their own homes.
If you need help with buying or selling a home, then it is essential that you talk with a real estate expert. I am familiar with the Temecula real estate market, and I want to help! You are welcome to contact me anytime, and I will answer your questions about current real estate market trends. Send me an email or a text anytime: (951) 473-0390 or [email protected]