Issue link: http://digital.nexsitepublishing.com/i/1127356
BY DARYLENE DENNON 2019 SMC CHAIR SOLID ENERGY INC. UPCOMING EVENTS DESIGN MIX JUNE 18, JULY 16, AUG. 20 | 4–6:30 p.m. Networking Happy Hour Cascades Grille at Embassy Suites Bellevue Today's Homebuyer: Tech-Savvy Millennials O ur March 26 Sales & Marketing Council Lunch was a must-see event Featuring nationally renowned entrepreneur, professional speaker, trainer, author, and mega real estate agent Ben Kinney, it drew a wide variety of attendees for members to connect with In his typically entertaining fashion, Kinney discussed the average buyer in today's market, the ways in which the internet has altered the real estate market, and how customer service means something different for each generation of buyer As Kinney explained, homebuyers are more aware and informed than ever before— online tools allow them to filter and view properties by price point and a variety of other preferences Many buyers are also now considering properties to house more than one generation In a recent Forbes article, Odeta Kushi, deputy chief economist for First American, expanded on these changing buyer attitudes While noting that "the housing market in 2019 will be characterized by continued rising mortgage rates … making housing less affordable, [and] likely deter[ring] certain potential homebuyers from the market," the negative impact of mortgages will be offset somewhat by an increase in first-time buyer demand as the largest cohort of millennials enter peak household formation and homebuying age Millennials will continue to make up the largest segment of buyers this year, accounting for 45% of mortgages; baby boomers and Generation X mortgages will comprise another 17% and 37% respectively According to Realtor com Chief Economist Danielle Hale, "While first-time buyers will struggle this year, older millennial move-up buyers will have more options in the mid-to upper-tier price point and will make up the majority of millennials who close in 2019 … Millennials are also likely to comprise the largest share of homebuyers for the next decade as their housing needs adjust over time " After years of undue skepticism about millennials and homeownership, it appears that this generation is now positioned to take the housing market by storm "Looking forward, 2020 is expected to be the peak millennial home-buying year with the largest cohort of millennials turning 30." —Danielle Hale, chief economist for Realtor.com Stay in the know on the latest housing industry sales and marketing trends at mbaks.com/smc 42 master builder master builder SUMMER 2019 words from the chair