Millennial on hunt for a Denver home? You'll have to battle top group of buyers: baby boomers
If you're a millennial currently looking for a home in the Denver metro area, you know how much of a struggle it can be. Prices are sky-high, and a new generation is emerging to beat out millennials in purchasing homes: baby boomers.
Data from the National Association of Realtors shows millennials had been the top group of buyers since 2014 until recently. In the last year, that group has dropped from 43% to 28%. Millennials are now battling it out against boomers, which make up 39% of home buyers.
West and Main Homes Managing Broker Malisa Miller Eakins has seen the shift firsthand.
"I've been an agent for almost 20 years. It's usually not a problem finding a property right now. If something looks absolutely beautiful and amazing and it's turnkey, ready to go, it's going to go fast and there's going to be multiple offers on the property. Buyers have to come ready to make decisions quickly," she said. "The millennial buyer likely raised by a boomer; a boomer was raised by someone who was born in the depression era, so they tend to be a little bit more frugal than millennials."
And boomers certainly have the upper hand if they want to move or downsize. Plenty of factors can come into play. "Because of death, divorce, diapers. They've got the money, and they can be competitive with offers. They have the equity built up and they might have even paid off their home. A lot of boomers did a 15-year loan 10 years ago and they're nearly paid off or paid off because the interest rate is so low."
So, Miller Eakins has a bit of advice for millennials: "Have patience, work with a great agent and great lender. Know that you have a checklist of 10 things that you really want, if it comes close and you have seven of those – probably a good idea to pull the trigger," she said.
Also, don't worry about the about the 5%, 6%, or 7% current interest rate.
"You can refinance later. Get in the house now," Miller Eakins said. "Start building your equity because home prices are only going up."
Any other questions? You can inquire with Miller Eakins here: https://www.westandmainhomes.com/agent/malisa-miller-eakins/
RELATED: Colorado gets low scores for affordability & safety in new "Best States to Live In" list