Millennials and Gen X will be the primary homebuyers this year—no surprise, as they make up pretty much the entire working population!
Gen X is still building equity, investing, moving up. But of course, as numbers go, this group will only make up less than 20% of our market. The mid to upper priced housing is in their wheelhouse and this market will be good to very strong.
As for Millennials, it will be the move up, first tier division of this group that will be extremely active. Second tier first-time home buyers and entry level buyers will still struggle as prices will remain high within only a slight 2-3% drop while their income will be slow to stagnant. They may STILL be locked out of homeownership and the home equity dream. It’s the primary reason for the 2018 slow down as prices and rates went up together hurting affordability. As the economy remains decent the strong wage earners will be buying the mid to upper priced homes and will be the majority of our buyers over all.
Many real estate brokers were taken aback by the 2018 slow down. It was NOT a bad market for us brokers, but if you started in the industry in 2011 or later, you have known nothing but good times! 2019 is off to a great start. This is my 38th year in real estate, and I can say that I am more professional and more nimble than ever. Thanks to the support of Dream Town AND the outstanding acumen and talent of my partner, my son Nick, we have helped more people than in any other time of my career. We have tried, tested, adjusted, improved and adapted our marketing plan and techniques. You CAN teach old dogs new tricks!
COUNT ON ME!