The March 2021 Local Loop, brought to you by Joy Kim Metalios, managing director and broker of the top real estate team in Greenwich, CT. Click here to watch the full video on our YouTube channel: https://www.youtube.com/watch?v=AqeQ8kOf9Og&list=PLY2rpfldxzQJPJYi6L2jY-KXiIeggPMlI

For our March 2021 Local Loop, I just want to give you a little bit of an update of what's going on. As I'm sure you heard everybody is like, "oh my god the real estate market is crazy...you must be going nuts with all these New Yorkers coming out of the city". Yes, that's true because my market is in Greenwich, Connecticut. Many home buyers are coming out of New York City. But, let's look at what's going on across the country. I talk and collaborate with many agents across the country. Everybody is saying the same thing: we don't have enough inventory and we have so many home buyers. Well, let's take the drama out of all of the bidding wars and what's going on with home buyers and look at the data. Who are these buyers that are driving this market? The answer is millennials. Yes, the same millennials that have that work-life balance and would eat brunch, eating up all your avocado toast. The millennials take up about 31% of our population. That is 72 million people, over 72 million people!  At its height, the baby boomers only took up about 27% of our population. 

So who are these millennials? They are people aged between 27 and 40 years old. and they're ready to buy. They have this pent up demand, they have cash and not only because money is so cheap right now. The interest rates are at an all-time low. Millennials are making up 45% of mortgage applications, they're ready to go! And who is selling? Well, it's people kind of in my age group, people over 40. We are slower in making decisions and have more things going on in our lives, we have families. We just can't pick up and sell our houses right away. 

This is what's happening across the country: there is a lack of inventory and all these Millennials are trying to get in and buy houses. The National Association of Realtors predicted that the prime years for millennials to buy a house was between the years of 2020 and 2021. Now what happened in 2020? We had a global pandemic. Yes, many jobs were affected. According to monster.com, the millennial population worked in 9 different types of occupations. Two types of occupations were adversely affected by the pandemic. One being the service industry and the second was the film industry. That means seven out of the nine were not affected. These millennials were able to work from home and were saving up their money. They weren't going out and dining on avocado toast as much as they wished. Now they're ready to become home buyers and accumulate real estate, that is what's driving our market. These trends are predicted to last for at least 18 to 24 months. If you have any questions, I'm always here to help and to give you as much data and information as possible. Thanks so much!