Millennials are coming into their peak buying years right now. How will they be affecting the real estate market?
In this video, Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, talks about how millennials buying properties can be a great opportunity for sellers.
Millennials are at a point where they are getting married, have good jobs, and have money. Therefore, they have the ability to purchase their first property.
They are coming into their peak buying years in the next three to five years. So, a lot of predictions point to a huge impact by the millennials on the real estate market. For one, the millennials are much bigger than the baby boomers, thus, their impact is also expected to be bigger, based on their movement in homebuying.
The Ocean City market is not as much serving the primary home market but is more focused on second homes. With millennials more focused on primary homes, there should be a bigger appreciation in prices for primary homes.
The second-home markets such as Ocean City should also see appreciation, but this will not be as high as with primary homes. Thus, if you’re thinking of selling the beach home, right now is the best time to do so. There’s never been a time when more people are excited about the beach and buying the beach home.
If you are looking to sell your home in Maryland or Delaware, reach out to us, and we’ll be happy to assist you.