Millienials see a bright future.
They might be thought of as a nomadic generation unwilling to settle down, but a recent study by Prudential Real Estate reports millennials are more confident than any other age group that the real estate market will soon recover.
“There was a lot of negativity when all the problems in real estate were happening,” says Earl Lee, president and CEO of Prudential, “but this generation was either too young or too preoccupied with school at the time to notice.”
According to the study, real estate market confidence declines steadily for each successive age group. Eighty percent of 25-to-34 year olds have confidence in the market’s future, compared with 73 percent of 55-to-64 year olds who believe real estate is rebounding.
“Gen X and Gen Y are not as clued in to some of the troubles their parents have gone through in exactly the same way,” Lee says. As these younger would-be home owners enter the workforce and interact with others who own property, their desire to purchase a house increases, he adds.
This could translate into a significant spike in home sales among millennials, which would be good for themselves and the communities where they put down roots, Lee says.
"All of the monumental events that happen in a young person's life start to focus them on real estate and what it has to offer," he says. "These young generations are now all about local involvement, and what better place to do that than in a community where you own a home?"
— Melissa Kandel, REALTOR® Magazine
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Several economists have recently revised their predictions on housing values to reflect a stronger-than-expected real estate rebound, and some have even doubled their original forecasts over the rise in home prices. For example, economists at Bank of America revised their home price forecast from 4.7 percent this year to 8 percent.
Capital Economics’ Economist Paul Diggle upwardly revised his home price forecast too, from a 5 percent projection to an 8 percent rise in home prices this year.
"Prices of both new and existing homes are picking up, the latter by over 10 percent year-on- year,” Diggle notes. “Indeed, after a couple of years during which new house prices outperformed, primarily owing to builders constructing more homes for the higher-end market, we now expect existing house prices to close the gap. As more consumers are able to access mortgage credit, home builders should widen their offering, while continued investment demand will bid up existing house prices."
Consumers are growing more optimistic about home prices too. A recent report of consumers from mortgage giant Fannie Mae showed that 48 percent believe home prices will rise over the next year.
Ivy Zelman, an independent real estate analyst, told CNBC last week that “we’re in a nirvana for housing. I’m the most bullish I’ve ever been.” Zelman said that home prices could rise for another four to six years.
Source: “Why A Bunch Of Economists Expect The US Housing Market To Go On A Huge Tear,” Business Insider (March 8, 2013)
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