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How Millennials Are Driving East Bay Home Sales

East Bay Home Buyers

If you’re thinking about selling your home but wondering if there are still buyers about, I can reassure you that there are still many people who are looking for a home to buy in the East Bay, especially in the more desirable neighborhoods, and many of those buyers are millennials.

In the not too distant past, the millennial generation were considered “the renter generation”, But at least in the Bay Area, times have changed. Millennials are now a significant driving force in the East Bay housing market today, and here’s why.

Bay Area Millennials Are High Earners

Although higher mortgage rates are making it more difficult for some would be home buyers, many millennials are still actively looking to get into home ownership and they can afford to do so.

A recent article from First American Title states that millennials may be the most educated generation in our nation’s history, and because of that, they are very much in demand and earn higher wages. This is especially true in and around Silicon Valley.

In 2020, many millennials with a graduate degree had a median household income of more than twice that of millennials with just a high school degree or some college demonstrating that higher education translates into higher earning power.

And since earnings are one of the key things that factor into affordability when it comes to buying a home, these higher earnings can help millennials achieve their homeownership goals.

Don’t Be Overly Concerned About Your Selling Prospects

If you’re thinking of selling your house but you are concerned that increased mortgage rates have resulted in a shortage of buyers, you don’t need to be. We are still in a sellers’ market and there are still not enough homes for sale to meet buyer demand. Savvy buyers will most likely buy with an adjustable rate mortgage, then refinance when interest rates come back down.

And although many millennials work in Silicon Valley, that is often not where they buy a home. It is very noticeable that many are settling in areas that provide for a higher quality of life, while still commutable to Silicon Valley when needed.

Millennials, in particular, are motivated and able to get into the East Bay housing market. If you are ready to sell your home, you may find it a lot easier than you think, particularly if you are working with an agent who will show you what is needed to get the best return when you do sell.

 

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Bernard Gibbons & Michelle Hensley
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