Since the beginning of the pandemic, the real estate market has been off the charts — people have been buying up homes left and right. In fact, active listings nationwide have declined 50.9% over the last year, according to Realtor.com.
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Curious about the trends right now? Real estate platform Opendoor has polled potential buyers and sellers across generations to find out what people really think about the housing market. The company "analyzed data from 850 people across the U.S. planning to buy or sell in the next 12 months," according to the report. And if you're wondering what zillennial means, the study defines the group as anyone from the age of 25 to 28.
Here are some of the especially interesting insights they found. You can see the full survey results here.
1. In general, all groups think it's a good time to sell.
The survey results indicate that 84% of baby boomers, 71% of generation X, 76% of millennials, and 55% of zillennials think right now is an optimal time to sell. That tracks with the high demand and low inventory we're seeing in the market. Overall, 71% of survey participants think that the market will improve for sellers.
2. But younger buyers are more optimistic than older buyers.
Per the study, 54% of millennials think the market will be on the side of buyers over the next year. On the other hand, only 37% of baby boomers think that the market will stay strong.
3. Millennials are the only generation that thinks the best investment right now is buying a home.
When asked to pick the best investment right now, zillennials, generation X, and baby boomers all agree that putting money in a retirement account is number one (26%, 20%, and 27% percent of survey participants ranked this option as their top choice, respectively). Millennials, however, put buying a move-in ready home at the top of their list (21% of participants).