“A recent monthly poll of more than 2,000 real estate professionals nationwide showed higher reports of first-time buyer activity much earlier than is typical, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The survey showed that first-time homebuyers accounted for about 36 percent of overall home purchases in December.
“Millennials are at a critical demographic tipping point where their sheer numbers will naturally drive demand for more home sales,” he notes in recent housing commentary at realtor.com®.
He says that home sellers should be encouraged, particularly those who own affordable homes and are looking for a long-overdue upgrade. With the move by many lenders recently to permit smaller down payments on home purchases, more millennials will likely make a move and that means home sellers “who’ve been sitting on equity in entry-level homes can finally upgrade to bigger homes and retirement homes.”
read more from Realtor Magazine online here: