The Millennial Generation could be the next the next big thing in real estate over the next 10 years. Millennials is the term demographers use to describe people born between 1985 through 2004. This is the unlucky generation to come of age during the weak job market of the recession, student loan debt as far as the eye can see, and mortgage lenders demanding perfect credit. You know who these kids are, they may be living in your basement!
Thankfully the economy is recovering, albeit slowly and these young people will get jobs, will see an increase in income, and will eventually move out of your basement. We'll see the return of the first time home buyer.
Time Magazine cites a study by Harvard's Joint Center for Housing Studies that claims Millennials could form 24 million new households by 2025. This could be a big long term boost to real estate values. Here in West Michigan we're seeing tight inventories of homes for sale. Increased demand from young people that have up till now been out of the market along with the shortage of available homes should mean prices should continue their upward trend.
For people thinking about buying a home that means the time to act is now. Mortgage rates remain low and it appears home prices are on their way up in the future. If you're looking to get into the market and I'll work with you to get your piece of the American Dream.