January 4, 2016

More Millennials Becoming Homebuyers

Having the Millennials becoming home buyers is paramount to the growth of the real estate market. This story comes form http://www.dailyfinance.com/ by Money talks news.  They are basically saying that the the younger Millennials are entering the home buying market.

“Given that the young-adult population is expected to continue expanding
rapidly during the second half of the decade, it would take only modest
further improvements in home ownership rate trends for the number of
young homeowners to return to growth.”

Having them get into the market usually as 1st time home buyers is very important.  That allows people to move up in price on there 2nd home.  This helps build the market and equity positions on your real estate portfolio.

” If such a return to modest growth among young homeowners occurs, it
could have several implications for the housing industry, the Fannie Mae
report notes, including:

  • Creating the need to adjust the size, type and geographic location of new housing construction.
  • Expanding education and counseling efforts targeted at inexperienced homeowners.
  • Stepping up efforts to provide services and technologies suitable for young homebuyers.”

Cleveland has adjusted to all these items with the upgrade of the downtown area.  There are a lot of young people moving into the downtown area because of it.  That area is getting full and they will also need to buy in the outlining areas. You have to remember that Cleveland is a smaller Metro City than most others.  The outlining cities are 20-40 minutes from the downtown area.

Having these new buyers and getting the upgrades they need for their lifestyle makes 2016 an exciting year to be in Real Estate. Brett Young 216-703-5740 Howard Hanna 

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