In the past year alone, we have stated multiple times that the millennial generation is in fact looking to purchase Greer real estate more than you would expect. Although many believe that the new generation is a little reluctant to purchase a home, and who would not blame them with the way the economy has gone over the past few years, but with home prices starting to rise and mortgage rates still at relatively low prices, many of the younger home buyers are seeing the potential return on investment in comparison to just renting. Even though many experts may speak the other way when talking about the millennial generation and Greer real estate, the newest report from the National Association of Realtors saw a larger market share in the recent purchases nation wide than previously.
The results are in and here are the percentages of Greer real estate buyers over the past month by generations:
30 percent – Generation X
30 percent – Baby Boomer Generation
9 percent – Silent Generation
Even the National Association of Realtors Chief Economist Lawrence Yun stated, “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.” It was also discovered through the survey that 87 percent of those that purchased a home and were 33 years of age or younger stated that a Greer real estate purchase was a great investment financially. The middle age of the millennial generation that purchased a home was 29 and the median income was approximately $73,600. The good news is that 87 percent of those that did purchase a home purchased an existing Greer home and are planning on keeping their home for a long investment of approximately 10 years. And of course to the biggest surprise, the younger generations were looking for information and help from real estate agents in comparison to the older groups that searched on their own. Although all of the information is readily available online, a source that many millennials cherish, older generations have the experience and know how of the process from previous purchases, making a real estate agent a necessity for the paper work process, but not for the finding process.
From this entire survey, it seems that millennials are ecstatic to begin their work with Greer real estate agents as the market continues to thrive. Of course, if you are looking to purchase or sell a home, please feel free to contact Carolina Mountain Real Estate for any and all information you may need on where this rising market is going in your area.