When you think about the type of home you've been looking for in Jefferson County or Berkeley County, chances are it is different than the type of home your parents would look for on their search. Eastern Panhandle real estate tastes differ by age and the older generation of West Virginia homebuyers is becoming increasingly aware of what the younger demographics want.
The Millenial Generation, as they are called in the industry, is showing different preferences as far as local real estate and housing go. According to Realtor Magazine, "some analysts say that Baby Boomers may be growing concerned that they will have a tough time selling their suburban, larger homes due to the Millennials’ differing tastes."
They have been a key to success in the recovery of the housing industry— with buyer demand growing, buyer and seller confidence at all-time highs, and mortgage demand on the uptick, all despite national housing price and mortgage rate increases. While it may not be true of their older counterparts in real estate, a new survey by the Urban Land Institute’s Terwilliger Center for Housing has found that the Millenial Generation tends to look for the following features on their search to purchase Eastern Panhandle real estate:
"About 60 percent of the millennial genreation say they prefer a mix of housing choices and prefer to be near shops, restaurants, offices, and transit. Seventy-five percent of Millennials say they value walkability. Of the 63 percent of Millennials who say they plan to move within the next five years, about 40 percent say they expect to move to multifamily housing."
This generation has very different tastes from previous generations, as well as different financial concerns. Student loan debt has been noted as one of the biggest obstacles of the Millenials with more than half of them believing their debt to be "overwhelming" and the one item holding them back from pushing forward on their greatest investment yet— purchasing a West Virginia home and becoming homeowners.
What are you seeing in your area? Do you find that your financial obstacles, housing preferences, and home wish lists are quite different than that of your parents? The Kable Team would love to discuss how we can help you achieve your real estate goals and put you on the path to homeownership.
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