Beaches & Backroads Realty

In an article titled, "Millennials: Growing Up, But Are They Ready to Be Home Owners?" by Katherine Tarbox, Senior Editor of  REALTOR Magazine she states that  "In 1993, the term “Generation Y” first appeared in Ad Age, to describe the age group who was about to embark on their teen years. While generations usually don’t have strict years to confine a group, most put the start of Generation Y — also known as the Millennial Generation, Generation Next, and the Echo Boomers — at the year of 1982 and the end at 2000. This year the first Millennials will begin to turn 30, a sign that this generation is growing up. It’s also a good sign for the housing market.

The Millennials are primarily the offspring of the Baby Boomers (those born from 1946 to 1964) and older Gen Xers. During the ‘50s and ‘60s, the average births per year in the U.S. went from 2.8 to 3.4 million per year and reached 4 million in 1964. While birthing rates dipped in the late ‘60s and ‘70s, in 1982 they began to spike up near that 4 million mark (hence, the nickname “Echo Boomers”), which again created a boom the in population. And this growing population is ready to enter the housing market."

Finnally, I couldn't agree more!  My business has been going fantastic this year and we are only 18 days into the year!  When I sit and think about who my buyers are in this new year, it is definitely generation "Y"!  My (buyer) clients are young, professional, late 20 early 30 something folks!  It has been fun for me to reconnect with some old friends from school as I am one of these Millennials myself!  These buyers are ready to settle down and sick of wasting money by paying rent.  They have a solid job and know where they want to be, at least for the next few years.  Interest rates are low, and I think it's the perfect time to buy, after all, with solid values and low rates, why wouldn't you buy now!

My clients are not all Generation "Y" aka Millennials though, I also have a large database of clients downsizing who are from the Baby Boomer & "X" generation.    These clients are selling the home they raised their children in to downsize.  Baby Boomers & Xers can be just as fun as the first time home buyers because it has been so long since they bought a home!   

Regardless of what generation, I love my job, I am glad to hear some positive news about the housing economy from the press!  Even more proud that my generation could be the key to stabilizing the housing market!

Erin Diaz, Broker ~ Owner
Beaches & Backroads Realty