According to BMO Harris Bank, this upcoming year is going to be a big one for homebuyers in several age groups and generations. The millennial generation is definitely going to begin to show in large numbers this coming year, but people and families aged 35 through 44 will also be increasing their home buying compared to previous years. What is the importance of these statistics? When we note that 32% of people around the age range of 18-34 are looking to buy a home in the next 12 months we want for you to know the gravity of this percentage. Due to the recession, this age group has largely held back from buying homes. With increased confidence in investing in real estate along with growing wealth and buying power, this age group will in the next few years begin to make moves in the real estate sphere.
However, what you need to realize is that with the increased confidence in the real estate market for people ages 19-34, there also comes a larger wave down the road of homeowners. You as a buyer should consider buying now and building equity in your home since a few years down the road prices will most likely rise and you can recoup on your investment or enjoy the increase in your home’s value due to market demand. For home sellers, this is wonderful news because the next few years are signifying a large increase in homebuyers who are ready to buy and oftentimes very financially prepared for this purchase after years of saving. For more information about buying and selling over the next few years or how these percentages affect you, please don’t hesitate to contact us.