Kahn says millennials, boomers key to market in 2016
Millennials and baby boomers are expected to be an important part of the real estate marketing in 2016. “Millennials are those born between 1981 and 1996. This group is generally today’s first-time home buyers as they are aspire to enter the real estate market. Prices of rental units in and around Houston are showing increases, while interest rates remain low,” said Leora Kahn, a Realtor with Bernstein Realty Inc.
Jonathan Smoke, chief economist for Realtor.com, believes that today’s millennials comprise the largest generation in the U.S. labor force. They are expected to purchase one out of every three homes sold in 2016, Kahn said.
“Baby boomers are those born between 1945 and 1960. They are generally those selling homes today as they acquire and move to larger, more expensive properties in order to accommodate the needs of their growing extensive families, which may include elderly parents or their desire to purchase second and/or vacation homes,” Kahn said.
Millennials tend to move into homes in neighborhoods that may be in the process of transitioning. These include older neighborhoods that their grandparents’ generation may have left for the suburbs, including Norhill, Norhill Park, the Heights, Woodland Heights, EaDo, and Riverside Terrace, to name just a few.
These neighborhoods generally are a prime target of re-gentrification by builders and remodelers, respectively, with the advent of coffee shops, retail shops, restaurants and bars, parks, and access to superior public transportation, including MetroRail.
While some baby boomers seek larger homes, centrally located within the Loop or close-in Memorial and Tanglewood, others envision their new homes in luxurious gated communities and high-rises.
“The latter may offer both security and a variety of services and amenities, including 24-hour concierge and valet services, state of-the-art gyms, pools, party rooms, and guest suites.
Today’s boomers are seriously considering the comfort, security and value of their real properties in both their short- and long-term retirement plans,” Kahn said.
Kahn enjoys working with both buyers and sellers.
Plus, with more inventory coming available, her sellers have more choices.
Interest rates are still very low and both millennials and baby boomers are realistically negotiating contract terms,” Kahn said.
With the official arrival of spring, Kahn and Bernstein Realty Inc. are preparing to welcome millennials, baby boomers and newcomers to the greater Houston market.
Kahn successfully practiced law for more than 20 years before making a career move into real estate.
Kahn is known for putting her clients’ needs first, being up-to-date on the market, and for her honesty, sincerity and dependability.
She has a high rate of return clients and also works with many transferees to the greater Houston area.
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