The peak year ends soon when millennials turn 30
Industry trends indicate that now is a good time for baby boomers to downsize as numbers of millennial buyers multiply this spring, according to House Buyers of America.
Older homes have served as attractive options for millennial buyers due to the dwindling supply of new homes and rising prices. House Buyers, a residential real estate investment company, has been buying older homes and renovating them to suit the modern tastes of younger buyers. As baby boomers move on, opportunities to enter into homeownership open up for millennials.
The peak millennial homebuying year will end when the largest cohorts of millennials turn 30 in 2020, according to a recent Forbes article. Millennials will account for 45% of mortgages compared to 17% for baby boomers. Realtor.com chief economist Danielle Hale said they will be the largest segment of buyers next year and likely into the next decade.
"This rising trend of millennial buyers drive increased opportunity for baby boomers to down-size," said House Buyers CEO Nick Ron. "We provide an easy, direct solution to purchase the baby boomers' homes as-is, and renovate them to suit the tastes of the millennial generation, who often prefer 'character' to 'cookie cutter.' We're fueling this dynamism within the real estate market starting with our purchase of baby boomers' homes to provide an affordable option for younger buyers."