{"id":6366,"date":"2020-10-28T10:00:32","date_gmt":"2020-10-28T10:00:32","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6366"},"modified":"2020-10-28T10:00:32","modified_gmt":"2020-10-28T10:00:32","slug":"buyer-interest-is-growing-among-younger-generations","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6366","title":{"rendered":"Buyer Interest Is Growing among Younger Generations"},"content":{"rendered":"
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\"Buyer<\/p>\n

The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist<\/em> for the National Association of Realtors<\/em> (NAR), explains<\/a>:<\/span><\/p>\n

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“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season<\/strong>…I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home<\/em>.”<\/p>\n<\/blockquote>\n

What’s drawing so many buyers to the market?<\/strong><\/h4>\n

As Yun mentioned, record-low interest rates<\/strong> are key. Today’s rates are strengthening purchasing power<\/a> for buyers, too. Sam Khater, Chief Economist<\/em> at Freddie Mac<\/em>, emphasizes<\/a>:<\/p>\n

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“Mortgage rates today are on average more than a full percentage point lower<\/strong> than rates over the last five years.”<\/em><\/p>\n<\/blockquote>\n

If you’re a homebuyer right now, there’s no question that you want to take advantage of this opportunity – and you’re not alone. Competition among buyers is definitely increasing as more buyers enter the market and mortgage interest rates remain so low.<\/p>\n

Who’s planning to buy a home right now?<\/strong><\/h4>\n

Today’s affordability is appealing to all generations and seems to be especially attractive to younger buyers who want to begin growing their wealth<\/a> through homeownership. There’s a distinct increase this year in the percentage of those in younger generations searching for homes. The National Association of Home Builders<\/em> (NAHB) notes<\/a>:<\/p>\n

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“Between the third quarters of 2019 and 2020, the share of Gen Z adults planning a home purchase rose three points to 14%. Millennials, however, are the generation most likely to be considering buying a home (22%).”<\/em><\/p>\n<\/blockquote>\n

Here’s a graph showing the year-over-year increase in homebuying interest by generation:\"Buyer<\/a>According to Mark Fleming, Chief Economist<\/em> for First American<\/em>, millennials are reaching their prime home-buying years<\/a>, a likely driver in this increase:<\/p>\n

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“Record low mortgage rates and millennials continuing to age into their prime home-buying years<\/strong> has boosted demand, but a lack of housing supply remains a challenge.”<\/em><\/p>\n<\/blockquote>\n

What’s the biggest challenge for today’s buyers?<\/strong><\/h4>\n

Finding a home, however, as Fleming notes above, is clearly a challenge today. Yun also explains:<\/p>\n

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“There is no shortage of hopeful, potential buyers, but inventory is historically low.”<\/em><\/p>\n<\/blockquote>\n

With so many buyers actively searching for homes this year and so few houses for sale, it’s more important than ever to work with a trusted real estate professional to navigate today’s market. From pre-approval<\/a> to bidding wars<\/a> and guidance on down payment<\/a> assistance resources, having an agent by your side might make the difference in your ability to land your dream home.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Let’s connect if you’re ready to buy a home. More buyers mean more competition, so you need an expert guide to help you stand out from the crowd.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"BuyerThe demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. In a normal year, the peak homebuying season comes to a close by early fall. However, 2020 is anything but a normal year, and the housing market is no exception. Lawrence Yun, Chief Economist for the […]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,123,88,84,135,131,118,124,89],"tags":[],"class_list":["post-6366","post","type-post","status-publish","format-standard","hentry","category-blog","category-demographics","category-first-time-home-buyers","category-for-buyers","category-gen-z","category-generation-x","category-interest-rates","category-millennials","category-move-up-buyers"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6366"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6366\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}