Money

Actions

To buy or not? Millennials vs. Baby Boomers in the real estate market

Posted: 6:37 AM, Feb 07, 2020
Updated: 2020-02-07 19:21:19-05

It's hard to know when to buy and when to sell when it comes to real estate.

"The main question that people ask: what do you expect in 2020? Do you think there will be a recession? There were talks of that but it's almost muted now," said Danielle Lawler, a realtor.

Lawler said she believes it's a good time to buy, but you have to act fast with low interest rates appearing to stick around.

"Be ready," she said. "You are not going to be able to sit on the sidelines and wait and see if prices are coming down, they're most likely not. What we are seeing, prices will remain where they are or increase by about 3 or 4 percent."

Julie Bonocor, a potential buyer, said she wants to buy but is having trouble finding something.

"We're watching the market," she said. "We've been watching for a year and a half now."

There's a unique battle in the real estate market between first time buyers and those looking to downsize.

"So we are seeing these millennials and boomers butting heads and creating a competitive space, because they are going for the same type of properties," said Lawler.

She also believes the lack on inventory is a double-edged sword if you're looking to sell. Your home should go quickly, but you may find yourself with nowhere to live.

"It's a good time to sell if you have somewhere to go," she said.

Eric Cornell, a financial adviser, said make sure you stay within your budget. He also recommended putting 20 percent as a down payment.

"Buying right now doesn't scare me too much especially where interest rates are at," said Cornell. "Interest rates are at all time lows."