According to a post on Jessica Beganski’s Blog, a REALTOR who specializes “west of the River” in Connecticut they will. She attended a seminar with Ken Gronbach (now demographer, once ad exec) hosted by Horizon Home Mortgage, who offered some trends that will effect the real estate market.
An aggravating factor in the real estate market will be that the homes Baby Boomers (born 1945-1964 and about 79 million in size) built, won’t have anyone to buy them. Gen X (born 1965-1984) is a smaller generation by about 10 million. The only remedy would be an influx of immigration. When do you think we’ll start to see McMansions converted into condos???
Gen Y (born 1985-2005), the largest generation of about 100 million, is about 4 years away (at the peak of the generation) from buying their first house and having a significant impact on the real estate market.
With the increase in population will come an increase in crime in inner cities, driving everyone who moved into upscale downtown apartments back out to the burbs.
As people work more out of their homes, he predicts office space will be become harder to lease.
Know how hard it is to find a contractor? Help is on the way - technical schools are full and have waiting lists of Gen Y’ers waiting to get in.
Check out his website at http://www.kgcdirect.com/
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February 26th, 2008 at 9:55 pm
Great Article Thanks.
February 28th, 2008 at 12:59 am
Soa,
Thanks for the comment. I agree, that type of information gives me data I can work with to create a long term plan.