Times Are Changing
Since 2014, Millennials have constituted the primary demographic of buyers in our market, with an average age of 36. They have held a prominent position among first-time homebuyers for an extended period, entering the market during a period of low interest rates, often resulting in overpayment for their homes. Presently, they are experiencing an increase in equity and are transitioning into roles as investors or second-time homebuyers.
The demographic landscape has recently shifted, with Baby Boomers emerging as the predominant group of buyers in the Seattle area. This shift is marked by an uptick in second-home purchases. As they approach retirement, many are utilizing the equity from their larger family homes to make cash purchases, downsizing to homes that better suit their lifestyle.
In my professional journey, I have had the privilege of assisting clients across all age groups. Anticipated price hikes in the near future underline the importance of taking action now, even in the face of higher interest rates, conveying a strong message to prospective buyers: "Secure your new home without delay."
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