A Titanic Market Shift is Ahead
Today I’ve been thinking about this topic a lot. I get asked how’s the market so frequently and especially around this time of year I always like to look at the trends that are moving forward in the marketplace in one of the big ones a massive Titanic shift that. We’re going to see is the difference between baby boomers and Millennials and the difference between those two types of home buyers and home sellers. So let’s start with baby boomers were born between the 40s and the 60s there’s over 70 million of them and they’re starting to downsize they’re starting to move on to different types of housing anything from smaller homes to assisted living and unfortunately, they’re also starting to pass away as they age and so as we see that demographic start to shift in the market.
We also see the Millennials that are in their 20s and 30s and when they graduated high school and college they walked right into a recession wasn’t like me I was able to walk right into a professional career immediately but with Millennials, they walked into a very different economic structure and so because of that their view on housing is different many of them have been renting in fact we just had a 51 year low for the percentage of Americans that own homes and that were primarily because of our confidence in the marketplace.
The recession in general but that is all starting to change now the interesting thing about Millennials is there are over 80 million of them more than the baby boomers themselves and so if you see one group starting to decrease in another group starting to increase in regards to homeownership. It’s going to be a major shift now what Millennials will want to consider or look at is the fact that their job market is a little bit different than it was in previous decades or generations and also they’re carrying more school debt than any generation before them and so these shifts will call come into play into the trends that we are experiencing in real estate.
If you’d like to talk about this further or learn a little bit more about how that will look in the next year or two years or five years please do touch base anytime and as always if you’re ever interested in finding out what your home is worth or want to see new homes in the marketplace
Compass
Realtor/ Broker (BRE: 01958545)
Beverly Hills: 424-239-6519
Minneapolis: 612-294-044
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