Millennials and Real Estate

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Millennials and Real Estate

Alice Lema: [00:00:00] Well, hey, real estate fans, Alice Lema, here broker John Scott in beautiful southern Oregon with another edition of The Weekly Podcast. And today we're talking about why millennials buy a home. And the reason this is important is, well, there's several, but the first one is just the sheer number of millennials.

In the United States, we're looking at approximately 72 million. They are slightly bigger generation population age bracket than the baby boomers. So it's very, very interesting. Now, the reasons millennials want to own homes is quite interesting. And Zonda, which is one of the websites we check has this beautiful chart which shows why millennials decide to buy.

And we're gonna address why it's taking them so long to get into the housing market. But I just wanna point out that according to Zonda, 98% of millennials want to become homeowners, if not already. But look at [00:01:00] what their top reason is. Their top reason is building equity. And where did they get that idea?

They got that idea by watching the recovery from the housing crisis. Cuz if you remember a lot of those A lot of those folks, I don't want to call 'em kids, but a lot of those folks watched what happened in the housing crisis. A lot of 'em helped their parents or their elders recover from that financially. And then they watched the recovery, an amazing amount of growth and equity and financial stability came from that housing crash recovery.

So watching other people build equity and also being a tenant for a long time will make you stop and think about what you're doing with your, your monthly. outgo for, for housing. But building equity is their number one reason. And I'm so excited because you know what, these are smart people. They grew up in the digital age, or mostly digital age.

They understand finances [00:02:00] better than a lot of the generations before them. And it's very exciting for them to clue in on the number one reason to own property is to build equity and to have long-term wealth grow over time for your life.

The second reason, Is a change of life. So this is also the practical side of real estate, and that is when something happens in your life, you get married, you have children you get too many dogs you know, whatever that life event is. It, it really is a lot of the reason why people buy and sell real estate. So change in life stage is the second reason.

The third is stability or settling down. At some point, if you've been a tenant, You know, from your teens and twenties and possibly into your thirties, it just gets old. It gets weary. You get tired of moving, even if you wanna stay in a property, a lot of times, [00:03:00] especially in Southern Oregon because of, well, that's a whole nother podcast, but especially in southern Oregon, it's hard to be a tenant. And a lot of the landlords are selling their properties and they're not being purchased by other landlords. Are being purchased by regular people who need a place to live. Again, that's a different podcast, but they, but they want stability and they wanna settle down and they're tired of moving. So that's number three.

Number four kind of goes back to number one, which is rising home values, even with nine interest rate increases we're still building some equity. Our prices are bouncing around right now. We're tracking it every week, but for the most part, you've got rising home values, you've got little dippity dos but Southern Oregon is one of those lifestyle places where we pretty much have an ongoing up. Even if it's mild.

The last reason is they want to make something theirs. [00:04:00] Again, this goes back to being a tenant. You get tired of all the rules and restrictions. We used to joke in the seventies, well, I just can't even hang a picture anywhere without, you know, somebody having a cow. Well, that was an exaggeration, but the point is they want their own place. They're adults. And they're adulting and they're successfully adulting and they're ready for the next step.

So if you're ready for the next step, I want you to call me or text me. And here's one of the reasons why is our local stats are showing not only is it a great time to sell because we still have a housing shortage, but if you can find a place that you like that's in your budget, It's a great time to buy.

My number is 541-301-7980 . Would love to be your agent. Great buyer's agent, great listing agent. Do well with investments. Riverfront, first timers, downsizers, elders rural [00:05:00] property. It's all my bag. It's what I do. And I work Jackson and Josephine County sometimes Klamath and Douglas. So yeah, hit me up. I'm around all weekend. In the meantime, we'll see you next week. Hug those you love. Bye now.