According to the report, Gen-Y-ers currently are 15 to 32 years old, are moving into apartments and buying homes, and will dominate residential demand for much of their lives –just as the boomers did over the past 45 years.
To get a sense of this young generation’s housing circumstances and future preferences, the ULI commissioned an online survey of a nationally representative sample of Gen-Y individuals ages 18 to 22 who are no longer in high school.
The report is quite detailed, but the VAR focused on a few of the most relevant findings to its members, and future home sellers:
• For the first time in decades, America’s average household size is inching up as Gen-Y-ers (and even some Gen-X-ers) take longer to leave home or return to their parents after losing a job.
• Two-thirds expect to be owners, including over half those in their 20s. Among those who will be in their 30s, three-fourths believe they will be homeowners.
• Of those saying they do not expect to own by 2015, seven of ten claim they will own at some future time. • Over half those currently living with their parents believe they will have acquired their own homes by 2015.
• Hispanics are ahead of whites in their ownership expectations. Blacks have slightly more modest home buying goals, but the difference is not statistically significant.
• 21 percent expect to put down less than 10 percent as down payment; 39 percent expect it to be between 10 percent and 20 percent. And 40 percent expect to come up with a down payment of more than 20 percent.
The VAR also noted that since such a high percentage of future homeowners expect to put down less than 20 percent on a home purchase suggests—Gen Y may not be fully apprised of today’s tighter mortgage underwriting standards.
Good food for thought if you are among the newest generation of real estate clients, or planning to sell in the near future.
I
specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.
I
have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot
and Company, I bring special tools and solutions that enable me to exceed the
expectations of my clientele. If you
are considering listing your property in Loudoun County or the nearby areas,
ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business. I am experienced in listing and selling
short sales. For information on the
short sale process, please visit www.LoudounShortSaleSolutions.com.
My past awards and designations include – 2003
President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor
of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles
Area Association and the Northern Virginia Association of Realtors. I am a member of the Top 5 in Real Estate
Network.
I
have lived in Loudoun County since 1979.
I am married with two grown children and two grandchildren. My son in law is my business partner in real
estate. I love to jog in the mornings
and spend time relaxing on my Trawler during the summer months.
Loudoun County and Northern Virginia Real Estate Sales and
Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers
invest in real estate in the Northern Virginia area to include Loudoun County
and surrounding areas including Fairfax, Clarke, Fauquier, Prince William Counties.
Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac
Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon
Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill
and Bluemont.
Cell 703.727.9885 Office
703.574.3800
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iPhone/Android Mobile App to search Northern Virginia real estate. 2 easy ways to get the App: Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.
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