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DAILY REAL ESTATE NEWS | FRIDAY, APRIL
19, 2013
They might be thought of as a nomadic
generation unwilling to settle down, but a recent study by Prudential Real
Estate reports millennials are more confident than any other age group that the
real estate market will soon recover.
“There was a lot of negativity when all the
problems in real estate were happening,” says Earl Lee, president and CEO of
Prudential, “but this generation was either too young or too preoccupied with
school at the time to notice.”
According to the study, real estate market
confidence declines steadily for each successive age group. Eighty percent of
25-to-34 year olds have confidence in the market’s future, compared with 73
percent of 55-to-64 year olds who believe real estate is rebounding.
“Gen X and Gen Y are not as clued in to some
of the troubles their parents have gone through in exactly the same way,” Lee
says. As these younger would-be home owners enter the workforce and interact
with others who own property, their desire to purchase a house increases, he
adds.
This could translate into a significant spike
in home sales among millennials, which would be good for themselves and the
communities where they put down roots, Lee says.
"All of the monumental events that happen
in a young person's life start to focus them on real estate and what it has to
offer," he says. "These young generations are now all about local
involvement, and what better place to do that than in a community where you own
a home?"
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