The job market is at what economists consider full employment, home prices keep rising, and wages are showing signs of growth. Good news for real estate, right? If you're a millennial hoping to buy your first home, maybe not. Supply and demand are huge factors in the housing market, and right now there's an imbalance tipping the scales in seller's favor: As inventory keeps tightening, the rosy economy and demographic trends are driving increased demand. Skylar Olsen Specifically, millennials are collectively "aging into homeownership" as a result of reaching the same life stages as previous generations (marriage, childbearing) -- just at a delayed pace, according to Zillow Group Senior Economist Skylar Olsen, one of a team of economists and researchers at Zillow Group that put together the company's second-annual Consumer Housing Trends Report, released today. Moreover, home prices are rising about 7 percent year over year -- an "unsustainable" rate when "normal" increas...
- Inventory absorption and home prices are rising so fast that homebuyers -- particularly millennials -- are going over budget and turning to friends and relatives for down-payment help.
- Buyers are keeping their options open. Most first-timers and millennials simultaneously consider renting and buying.
- Buyers most value agents' help in guiding them through the overall buying process and leading contract negotiations.
Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York