IRVINE, CA—Two groups of potential homebuyers—millennials andsubjects of recession-era foreclosures—could soon have asignificant impact on the home sales market. This according to CREprofessionals contributing to a recent article in a newsletter fromReatlyTrac.
Bruce Norris, founder of The NorrisGroup, believes demand for home ownership will eventuallyincrease as millennials and so-called boomerang buyers finallyconvert from renters to homebuyers sometime in the next 10 years.
“Get married at 25 and have a family, that's not happening rightaway. You have a whole generation that's waiting to get married andbecause of that they are waiting to buy a house,” he said of themillennials. “Sometime along the line that is going to correctitself and we're going to see tremendous household formation anddemand. It's just hard to know when that will happen.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
