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Millennials

Real Estate Insight

Millennials Have Become The Largest Group Of Home Buyers

Millennials have become the largest group of home buyers in the US.

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Performance Property Real Estate Question

Hottest Homes For Sale In NJ Right Now

Q: What homes are in hottest demand right now? Lexi, Perth Amboy, N A: Average home inventory in NJ statewide is still less than 2 months which is very low and suggests high demand for homes at most price points. Now that Millennials dominate home buying now, you might think that entry level homes at or below $400,000-$500,000 would be the hottest commodity right now, however, there has been almost a 50% increase of sales of NJ homes in the $1mil-$2.5 mil price range. This surge in buying in the $1 million-$2.5 million price range is primarily due to trade up home buying activity. Trade up home buying occurs when a homeowner sells their home and then purchases a more […]

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Real Estate Insight

Millennials Represent 3/4 Of NJ Home Buyers

Millennials currently represent 3/4 of NJ home buyers.

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Performance Property Real Estate Question

3 Challenges & 3 Solutions For Millennial Home Buyers

Q: I have a good job and I’d like to own my own property, but real estate prices are so very high, it’s hard for me to justify paying that much money to own. Are there any other options for me? Jessica, Hoboken, NJ A: Most Americans of all ages want to realize the American dream by becoming homeowners. Millennials recently surpassed baby boomers as the biggest population group in the US. 3 of the biggest challenges millennial home buyers currently face despite still historically low interest rates are: 1) student loan debt has tripled in the last decade 2) starter homes are in short supply in many local real estate markets and 3) credit score requirements for home loans […]

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Performance Property Real Estate Question

The Biggest Home buying Group For The Next Decade

Q: Gerald, I’ve been a buyer’s agent for many years. Where do you think I should re-focus my efforts for the future? Kenny, Bayonne, NJ A: Millenials are finally buying homes–in terms of age they are the last generation to begin buying homes in a big way for obvious reasons including the global financial crisis, extraordinarily high school loan debt and the fact that real estate prices went down for 5 straight years as they were entering the workforce. Millennials are going to be the biggest group of home purchasers for at least the next decade and they are now pushing the US homeownership rate higher–homeownership rate has skyrocketed almost a full percentage point in the last year which is […]

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