{"id":1223,"date":"2020-10-28T16:26:18","date_gmt":"2020-10-28T16:26:18","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1223"},"modified":"2020-10-28T16:26:18","modified_gmt":"2020-10-28T16:26:18","slug":"buyer-interest-growing-among-younger-generations","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/buyer-interest-growing-among-younger-generations\/","title":{"rendered":"Buyer Interest Is Growing among Younger Generations"},"content":{"rendered":"
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Buyer Interest Is Growing among Younger Generations<\/p><\/div>\n

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun,\u00a0Chief Economist<\/em>\u00a0for the\u00a0National Association of Realtors<\/em>\u00a0(NAR),\u00a0explains<\/a>:<\/p>\n

\u201cHome sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season<\/strong>\u2026I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home<\/em>.\u201d<\/p><\/blockquote>\n

What\u2019s drawing so many buyers to the market?<\/strong><\/h4>\n

As Yun mentioned,\u00a0record-low interest rates<\/strong>\u00a0are key. Today\u2019s rates are strengthening\u00a0purchasing power<\/a>\u00a0for buyers, too. Sam Khater,\u00a0Chief Economist<\/em>\u00a0at\u00a0Freddie Mac<\/em>,\u00a0emphasizes<\/a>:<\/p>\n

\u201cMortgage rates today are on average\u00a0more than a full percentage point lower<\/strong>\u00a0than rates over the last five years.\u201d<\/em><\/p><\/blockquote>\n

If you\u2019re a homebuyer right now, there\u2019s no question that you want to take advantage of this opportunity \u2013 and you\u2019re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low.<\/p>\n

Who\u2019s planning to buy a home right now?<\/strong><\/h4>\n

Today\u2019s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their\u00a0wealth<\/a>\u00a0through homeownership. There\u2019s a distinct increase this year in the percentage of those in younger generations searching for homes. The\u00a0National Association of Home Builders<\/em>\u00a0(NAHB)\u00a0notes<\/a>:<\/p>\n

\u201cBetween the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).\u201d<\/em><\/p><\/blockquote>\n

Here\u2019s a graph showing the year-over-year increase in homebuying interest by generation:<\/p>\n

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Planning to Buy a Home in the Next 12 Months<\/p><\/div>\n

According to Mark Fleming,\u00a0Chief Economist<\/em>\u00a0for\u00a0First American<\/em>, millennials are reaching their prime\u00a0home-buying years<\/a>, a likely driver in this increase:<\/p>\n

\u201cRecord low mortgage rates and\u00a0millennials continuing to age into their prime home-buying years<\/strong>\u00a0has boosted demand, but a lack of housing supply remains a challenge.\u201d<\/em><\/p><\/blockquote>\n

What\u2019s the biggest challenge for today\u2019s buyers?<\/strong><\/h4>\n

Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:<\/p>\n

\u201cThere is no shortage of hopeful, potential buyers, but inventory is historically low.\u201d<\/em><\/p><\/blockquote>\n

With so many buyers actively searching for homes this year and so few houses for sale, it\u2019s more important than ever to work with a trusted real estate professional to navigate today\u2019s market. From\u00a0pre-approval<\/a>\u00a0to\u00a0bidding wars<\/a>\u00a0and guidance on\u00a0down payment<\/a>\u00a0assistance resources, having an agent by your side might make the difference in your ability to land your dream home.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Let\u2019s connect if you\u2019re ready to buy a home. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd.<\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

There\u2019s a distinct increase this year in the percentage of those in younger generations searching for homes. Finish Reading Buyer Interest Is Growing among Younger Generations<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[36,69],"tags":[272,38,15,10,18,79,27,49,42,40,53,63,20,12,48,108,13,47,19,17,271],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1223"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1223"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1223\/revisions"}],"predecessor-version":[{"id":1226,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1223\/revisions\/1226"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}