Buyers are Ready for Inventory Today, Not in Spring | DMAR Market Trend February 2020

Home Sellers: Buyers are Ready for Inventory Today, Not in Spring

February’s Denver Market Trends data indicates pent-up buyers demand due to an aging and wealthier millennial population, and sellers who are all waiting to list at the same time or who are mischaracterizing the high demand for buyers’ desperation.

More buyers are pre-approved, can afford more home, are comfortable spending money, and are in the perfect market position to wait to find the perfect home before making a quick offer. If it wasn’t snowing as we rolled into February, I would have been convinced it was a summer market in Denver.

The current psyche of the buyer is strong and millennials are hitting the prime age for home buying:

• 4.8 million millennials turn 30 this year
• The rest of the millennials are ages 22 to 39
• Over 40% of millennials are parents, which increases their homeownership rate from 38% to 80%
• 38% of homes purchased in 2020 will be by millennials
• 50% of the mortgages in 2020 will be secured by millennials
• 8.8-9.2 million first-time home buyers are planning on buying a home in 2020-2021 across the United States
• Denver Metro’s population will grow by 3.3 million in 2020

As Millennials age, they’re expected to accrue more wealth and are expected to spend roughly $1.4 trillion. As Millennials pay off loans and get better jobs with higher salaries, their spending habits are expected to change.

... continue reading at www.TheRuethTeam.com/market-trends

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue
Suite 500
Englewood, CO 80110
303-214-6393
www.TheRuethTeam.com

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