According to East Brunswick appraiser Jeffrey Otteau, there is a buying tsunami about to hit the shores of the U.S. housing market, all 75 million of them.
This represents primarily the Millennial generation — the most populous in U.S. history.
Their delayed entry into the market was caused by a number of factors:
+ The Great Recession
+ The collapse of many credit markets
+ The loss of millions of jobs
+ High student loan debt
+ A poor economic climate
+ A reticence to begin families
New Jersey’s share of the 75 million entering the market is put at 325,000 buyers over the next 10 years.
Many young households delayed buying homes after the 2007-09 recession, which sent unemployment skyrocketing to 10 percent. Moreover, the accompanying housing crash dragged down home values, making houses seem like a risky investment.
Statewide, the median age of first-time buyers surveyed this year by the National Association of Realtors rose to 32, up from 31 in the past five years.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
