Millennials were previously thought of as the ones who usually delay making real estate decision, a new report now says otherwise.
According to Dallas News, the millennials are now into real estate. And speaking about millennials Jonathan Smoke of Realtor.com reportedly said that they are now the largest age group who are buying properties in the housing market.
It was noted that a survey has found out that this age group explains the nearly 30 percent of nationwide home sales. Smoke also gave Realtors who met in San Diego for an annual discussion a surprising fact saying, "Millennials are 60 percent of first-time home shoppers. There are 87 million of them."
"They outnumber every generation, including the baby boomers," he continued. "By the end of the year, almost 2 million home sales will be to millennials."
According to Dallas News, since more millennials are moving to Texas because of job opportunities they are believed to affect Texas in a way that the state now has a considerable higher number of first-time buyers than the rest of United States. About 75 percent of millennials who came out of apartments ended up purchasing homes in 2015. Of the remaining 25 percent, majority of that are still with their parents.
Smoke said, "They are suffering from ever-increasing rents, that's driving those that can into the market. They are dreaming about escaping from mom and dad's basement." Smoke's remark explains why the said 75 percent have chosen to own homes instead of renting them. Moreover, he said that most of them preferred pre-owned housing units.
"They are turning toward closer-in subdivisions," he said. "These are older, interesting neighborhoods with interesting architecture. They are very into real estate. Real estate is cool again - especially for young people."
Smoke's enthusiasm shows that the millennials seem to be keeping the real estate market in Texas in healthy condition.
