Surprisingly enough we have a giant buyer missing from our real estate market. Guess who, Millennials! For those of you who aren’t familiar with the term Millennial. Millennial is a generation also known as generation Y, which consists of a demographic following Generation X’ers. Millennials include birth dates in the early 80’s through the early 2000’s. From the beginning of time, the process of life consists of finishing school, getting married, buying a houses, etc. Well for some reason, these Millennials are redefining the process, one of which consists of buying a house, or shall I say not buying a house. Why is this? The answer is simple; Millennials are taking their time in life, and living at home longer. There is no rush for Millennials to get married and buy property. The questions is why, why has the process of adulthood changed? I posted a question on Trilogy Realty’s Facebook page asking, “Why are Millennials not buying real estate”? I received quite the response. Turns out the general consensus is,Millennials are not financially responsible or motivated. Even though I am part of the Millennial era I do not take offense to this consensus. The truth is I couldn’t agree more. It seems as though Millennials are more interested in the car they drive, and spending their money frivolously then investing in real estate. Before you panic and think the real estate market as we know it is coming to a halt, bear in mind, everyone eventually grows up, and let’s face it there are still plenty of buyers out there.
I’ll give you a penny for your thoughts.