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Despite what real estate reports have stated in the past about Millenials shying away from homeownership, a new study by Zillow Group found that people aged 18 to 34 now make up 42% of home buyers in the United States, making them the largest buying group. It is believed that rising rents and the prospect of increasing mortgage interest rates may be convincing younger folks to look at buying a home.
Lehigh Valley Business recently reported that first-time home buying Millenials and downsizing Baby Boomers are competing for the same mid-priced homes in the region. Two of the largest generations are now vying for the same types of properties. With limited inventory, Lehigh County, Northampton County, and the surrounding areas will likely see a more competitive market.
According to the Greater Lehigh Valley REALTORS®, residential real estate inventory levels are shrinking and those priced well are selling fast.
Given the potential elimination of the mortgage deduction and state and local tax deduction under the proposed tax bills being negotiated by Congress, we will have to wait and see the impact of this growing trend on the real estate market.
Looking at buying or selling a home in Pennsylvania? For guidance, contact Gross McGinley’s Real Estate Group comprised of experienced real estate attorneys and licensed title agents.