Fort Lauderdale Real Estate | What Millennials are buying or renting?
Although some market researchers project that the recent housing market crisis could generate a formation of permanent renters. Other analysts note that they predict that more renters will become buyers once the economy provides more buyer confidence. The amount of first-time home buyers has declined 20% over the past 3 years certain real estate representatives expect the amount of home buyers in the age bracket of 25-34 to drop in the next 3 years.
The current economic conditions of potential buyers between the ages of 25-34 such as high student loan debts and an unemployment rate over 8% have an effect on the amount of consumers who’re ready to invest in such a huge expense. Members of this age group are known as the Millennials and have been noted to rent with the intentions of buying a home when they are financially stable.
One South Florida real estate investor states that he believes that Millennials will become more willing to buy homes when they have paid off most of their debts. Henri Frank Group at Remax Preferred investors are purchasing condominiums and town homes in the area of Fort Lauderdale, Miami and Boca Raton and renting the units at a 7% to 12% CAP Rate. The investment model will accommodate the need for rentals in the area. Once the Millennials are ready to buy, the investors will consider selling. Some are considering holding the mortgage to these yound professionals once the time is right. In the meantime, new multifamily apartment buildings are being built in areas like City of Miami, City of Fort Lauderdale and Boca Raton. Millennials have been more prone to invest in short term leases in order to have the flexibility to enjoy residency in multiple areas.
The Henri Frank Group is prepared to work with investors who want this sort of business model and real estate investment. There are condominium units that are for sale in the short sale and foreclosure market. Many of these units are move in conditon or very little repairs are necessary. Contact the South Florida Realtor Group who earned #1 in it’s agency for the number of sales and volume of sales in May 2012. Text or call 954-604-9999. Email to email@example.com
Visit the website of the Group at www.henrifrank.com