There are many areas of the country where the obstacle in the real estate market isn’t a lack of buyers, but rather a lack of inventory, specifically in the single-family home category. As discouraging as this may be to young families hoping to score a home similar to the one they may have grown up in, it’s certainly no cause for despair, only a recommendation for those potential buyers to pack a little patience for the time being.
As baby boomers who own detached homes reach their later years, they often begin to recognize that there is no need for the physical space they once required for their growing families, and also that their existing house may be costing more in time, effort and money than they’re willing to devote. Add an increased desire to travel and that can cinch the decision to downsize — good news not only for the next generation who are looking to buy single-family homes, but also for those same consumers who may need to sell their own condo or smaller home — one that would suit boomers’ needs.
Lawrence Yun, National Association of REALTORS® Chief Economist, noted that the Millennial generation — those under the age of 34 — is now entering a period in which people typically buy a first home.
“Given that Millennials are the largest generation in history after the baby boomers, it means there is a potential for strong underlying demand. Moreover, their aspiration and the long-term investment aspect to owning a home remain solid among young people,” Yun noted.
Whether you’re buying, selling, or simply wondering about the direction of the real estate market, please remember that you’re always welcome to call me at 609-462-3737 for a no obligation discussion.
And remember, up to the minute West Windsor market information is always available at West-Windsor-Homes-NJ.com or Facebook.com/West.Windsor.Homes.NJ.
