Are you a real estate broker, agent, or investor in Utah? Here’s good news: Realtor.com has included Salt Lake City and Provo-Orem as two of the twenty-five best housing markets for 2017.
That should make you feel inspired to go out there and sell. But that’s not the end of the story. The real estate experts believe there’s one group that’s going to make or break the industry this year and perhaps in the next decade. These are the millennials.
Who Are the Millennials?
The millennials, or generation Y, are those born between 1982 and the late 1990s. By the time they came of age, it’s already the millennium, hence the name. Based on the age, they are already voters, out of college, working, and a family.
Millennials and Home Buying
The relationship between millennials and home buying are interesting. Based on a study by Pew Research Center, in 2014, at least 32 percent of millennials between 18 and 34 years old still lived with their parents than in their own homes or with their spouses. That’s quite similar to the percentage in 1880.
Further, a recent census revealed a huge drop of home ownership from April to June 2016, the lowest in half a century, as 62 percent of the millennials rented apartments or shared spaces with friends.
What It Means to Utah
Nevertheless, the same census pointed out 90 percent of them would want to buy a home, and one of their preferred states is Utah, especially due to good home prices.
Simply put, there’s already a huge potential market to tap. Nevertheless, if there’s one thing to keep in mind, many millennials are also tied to student debts, which can influence their buying decision. Help them out by guiding them through the mortgage process, including figuring out how much to pay using tools like a mortgage payment calculator from American Loans in Utah.
Take advantage of this new good market. Use this information to create your real estate strategies and win big this 2017.