Will Millennials Save the Housing Market
Will Millennials Save the Housing Market
Full Video Transcript Below
Will Millenials Save the Housing Market?
Alice Lema: [00:00:00] Good morning real estate fans. Alice Lema here, Broker John L Scott, beautiful Southern Oregon with another edition of the Weekly podcast. Today we're gonna pose the question, will millennials save the housing market? What? I think they might. We've got four reasons to consider and some data to back it up, my favorite. Okay. Before we get to that, let's give you a quick second to subscribe to the channel. Give us a, like, give us a thumbs up. Send send it to your friends and family. That's what it's for. It's to help educate people and if you need to speak to me privately, personally this weekend about your real estate stuff, 541-301-7980 it's floating around up there somewhere.
Okay. Okay, so let's jump into this fascinating question. Will millennials save the housing market? Got four things to consider and we wanna talk about the data. So first of all, just a reminder that the millennial generation is the largest generation in America. It's 80 million strong. That's a lot of bodies. Now they not only are the biggest generation, [00:01:00] size in the United States, but they're also the biggest number of home buyers and people keep forgetting over 40%, according to NAR, National Association Realtors, over 40% of the home buyers right now are millennials. They're keeping it going. They're the ones putting the bottom in right now, or at least one of the reasons we have a bottom kind of settling into our housing market.
Number two, just because there's so many of them and they've waited so long, they have an eagerness to be homeowners and so it's actually shaping the housing market because they're still out there. Even after all these interest rate increases and need bigger down payments and, and less supply, they're still the ones out there writing the offers. Okay. So the number two is just their sheer numbers and the eagerness that goes with that number of people out in in the housing market.
Number three, [00:02:00] we used to call them the rent generation. Some people still do, but you know what? They actually don't wanna be renters, or at least they don't wanna be anymore. So that whole mindset is different. Now they wanna be homeowners, and because they're digital and they grew up digitally, they've already done a lot of research on their own.
So they know the value of home ownership. They know the wealth building of home ownership. They don't have to go experience it. They learned about it on the internet, , they learned about it on the internet. So here you go. When you get a phone call from millennial, wanna talk about buying a house, they're pretty ready to go and they're pretty well informed.
It's super fun. But then they still need help getting out there and making it happen. But they are one of the most informed business savvy, house savvy, money savvy generation a lot of us have run into in a long time, and it's super fun. Super fun to help.
So number four, we have a quote from a chief economist from First American Title. His name is Mark Fleming, and I just wanna [00:03:00] read this to you because I think it's very revealing. So, as Mark Fleming, chief Economist of First American Title says, While it's not the frenzy of 2021, The largest living generation, which are the millennials, will continue to age into prime home buying years, creating a demographic tailwind for the housing market.
So there you go, Chief economists. First American title, Mark Fleming, he's saying that just the sheer numbers and the eagerness and the readiness of this giant millennial generation can make a huge difference in our housing market. So that can be one of the elements that we're watching settle, moderate and normalize our market.
We'll see, it's why we talk about this every week. So I wanna leave you with a chart. This is also from National Association of Realtors, and you can see by generation how they're tracking the buyers and the sellers. And [00:04:00] you can see the older millennials are separated from the younger millennials. And then we've also got all the way down to the silent generation, the older boomers, younger boomers. It's a really good chart. It's really fun to kind of dive down into and you can see who's moving where in the process, who's gonna be a seller, who's gonna be a buyer, so, Yeah, so there you go.
There's the data I'm pulling for the millennials, and I have to tell you, it's my experience every week. They're the ones that are out there and they are relentless, but it's hard. So if you have millennials in your friend or family sphere, and you're watching them go through this process, if you're in a position to help money, not advice, cuz most of them don't need advice, they need money. They either need more down payment or they might need closing costs. They might need help buying [00:05:00] down their interest rates so the payment's not so high. Yeah. So if you can help 'em out with that, that would be stellar. Cuz everybody, if they want and they wanna work hard and own a home, they should be able to own a home if they want, if they want to go through that process.
So sometimes the kids need a little help. Hope you'll think about doing that. Okay. In the meantime, have a beautiful weekend. Again, if you wanna chat with me, you can text or call 541-301-7980. Otherwise, have a beautiful weekend. Hug those you love, and we'll see you next time. Bye now. Bye.