Report: Residential Sector Should Expect Emerging Buyers
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IRVINE, CA—Two groups of potential homebuyers—millennials and subjects of recession-era foreclosures—could soon have a significant impact on the home sales market. This according to CRE professionals contributing to a recent article in a newsletter from ReatlyTrac.
Bruce Norris, founder of The Norris Group, believes demand for home ownership will eventually increase as millennials and so-called boomerang buyers finally convert from renters to homebuyers sometime in the next 10 years.
“Get married at 25 and have a family, that’s not happening right away. You have a whole generation that’s waiting to get married and because of that they are waiting to buy a house,” he said of the millennials. “Sometime along the line that is going to correct itself and we’re going to see tremendous household formation and demand. It’s just hard to know when that will happen.”…
