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As a native of the Peoria area and a homeowner in Peoria I have always felt this is a great place to live and I love selling houses to buyers here.  Now I’m not alone in my thoughts, check out this news, then call me to help you find a house! ~Melissa

 

10 Affordable Markets Beckon Millennials

DAILY REAL ESTATE NEWS | MONDAY, SEPTEMBER 29, 2014

High prices, limited inventory, job shortages and tight lending standards are making it a difficult time for Millennials looking to buy their first homes, but there are some markets out there that could still appeal to younger home buyers.

Realtor.com® identified 10 markets that are “primed and ready” for millennial home buyers this fall. Affordable home prices and increases in inventory in these areas could appeal to first-time buyers, which would help to improve the housing market by increasing construction and creating job and income growth. To be included on the list, markets had to report a Housing Affordability Index higher than 240 and increases in inventory month-to-month or year-over-year.

“Millennials are a critical component of the first-time home buyer market segment,” says Jonathan Smoke, chief economist for realtor.com®. “Getting this segment functioning again is an absolute necessity for bringing the housing ecosystem back to full health.”

Millennials looking to buy their first homes will also benefit from a decrease in investor presence, according to Lawrence Yun, chief economist and senior vice president of research for the National Association of REALTORS®. Sales to investors fell to 12 percent in August, the lowest rate in nearly five years.

“For first-time home buyers this means reduced competition and less all-cash offers in the marketplace,” Yun said.

The top 10 fall markets for millennial home buyers (in alphabetical order) are:

  • Akron, Ohio
  • Buffalo-Niagara Falls, N.Y.
  • Charleston, W. Va.
  • Grand Rapids-Muskegon-Holland, Mich.
  • Harrisburg-Lebanon-Carlisle, Pa.
  • Indianapolis, Ind.
  • Melbourne-Titusville-Palm Bay, Fla.
  • Memphis, Tenn.
  • Peoria-Pekin, Ill.
  • Syracuse, N.Y.

Source: “Realtor.com® Data Reveals the Top 10 Fall Markets for Millennial Home Buyers,” (Sept. 29, 2014) Move.com

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