Weekly Market News + Event Guide | The Public Square 5.23.23

The Public Square

The article explores the reasons why millennials have been slower to buy homes than previous generations and how the situation has changed in recent years. It starts by acknowledging the economic hardships that millennials faced since they graduated from high school in the late 2000s, such as the real estate market collapse, the tough job market, the student-loan debt and the inflation. It then cites some factors that have helped more millennials become homeowners in their prime homebuying years, such as an improved economy and the pandemic, which allowed many millennials to save money by moving in with their parents or working remotely. 

However, the article also points out that the average millennial still became a homeowner at 34, two years later than gen X and baby boomers, and that the housing market may create inequality across generations as those who didn’t buy homes in the past three years now face elevated prices and mortgage rates. The article also notes that millennials have different preferences and challenges than older generations when it comes to homeownership, such as choosing smaller and more affordable cities over job centers or dealing with lower homeownership rates even after adjusting for age.

Learn more and check out this article by Katherine McLaughlin at architecturaldigest.com

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Our Thoughts

We believe that this is a sign for us to tap into this growing market and an opportunity to build long-term relationships with millennial clients who may need our services in the future. Since millennials are more likely to sell their homes within a few years of buying them than older generations are, the agents who can satisfy millennial clients may have more opportunities for repeat business and referrals.

This is why we try to differentiate ourselves from other agents by offering value-added services that appeal to all kinds of clients. For example, our website dofredoteam.com provides virtual tours, we use other tools like digital contracts and social media marketing to keep people up to date, and we also give personalized advice. These services stand out from the crowd and attract more millennial buyers and sellers as well.

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.