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Millennials enter housing market late, but in force

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A new generation is driving the U.S. housing market forward, faced with new challenges but holding to some traditional values when buying a new home.

“I believe the millennials are coming of age and they are coming of age later,” said Martin Rueter, president of Weichert Real Estate Affiliates, on Wednesday. “But they are now pushing that 30-year age mark and coming out of the woodwork buying houses.”

The large student loan debt many millennials have incurred is one of the chief barriers to their buying homes, but low-interest rates on home mortgages are helping mitigate that to some extent, Rueter said.

As president of Weichert Real Estate, Rueter has a national perspective on the housing market, which is in the fifth year of a sustained post-Recession recovery.

In June, the National Association of Realtors reported existing-home sales sprang ahead in May to their highest pace in almost a decade, growing to 5.53 million, a 4.5 percent increase from the year-ago month.

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Testimonial

Local knowledge: ★★★★★ Process expertise: ★★★★★ Responsiveness: ★★★★★ Negotiation skills: ★★★★★ Julie and Sarah were right there with us helping with their expertise in so many ways. I am an absentee owner. They were there to help choose plants for landscaping. For instance, Following up on the bad plants put in by the paid Landscaper. Buying additional plants when

★★★★★/5 Stars.

user03970 Sold a Single Family home in 2014 for approximately $750K in Walteria, Torrance, CA.

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The Lockwood Team has represented buyers and sellers on over 175 properties in Walteria and Victoria Knolls alone. The Lockwood Team are proud Sponsors of the Annual National Night Out Walteria Block Party, which promotes the neighborhood watch and sense of community. It is the biggest block party in Torrance. Each transaction supports the Children’s Miracle Network and children in our South Torrance Schools.

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