Millennials a big group driving real estate boom during pandemic | WDVM25 & DCW50

HAGERSTOWN, Md. (WDVM) — We have reported over these past few months during the pandemic about how the residential real estate market has taken off.

New data shows that millennials have been a driving force in home sales for the past 18 months. Without travel for work and having to work from home, many have decided to ditch their landlord and buy their own home.

Cathy Wantz with Real Estate Today in Hagerstown said the financing for first time home purchases just made perfect sense.

“The landlord could up the rent because of a lack of inventory to rent,” Wantz explained, “so you send them to a lender and they’re like, ‘oh my gosh, thank you. I can actually own my own first home.’”

Nationwide, the median price of a home sold last fall was more than $350,000 up 13% from the previous year.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *