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"Renter nation" is a myth, writes Trulia's Jed Kolko, as so-called Millennials have the same...

"Renter nation" is a myth, writes Trulia's Jed Kolko, as so-called Millennials have the same hopes about home ownership the previous generation had. A Trulia survey finds plenty of renters ready to buy, but not enough inventory. Rising prices may bode well for supply as it turns negative equity into positive equity - allowing homeowners to go ahead and sell.
Comments (6)
  • I think this is common sense, of course the majority wants to buy. What I would be interested in is whether the future level of consumption patterns change. For instance, how will buyers purchase homes and to what extent will they get into unmanageable debt? Will future buyers prefer smaller homes and lower mortgages?

     

    The same questions can be applied to car ownership. Will future consumers focus on value and economics or spend excessively as past generations.
    13 Dec 2012, 11:04 AM Reply Like
  • Hopefully the age of McMansions is over. I know a couple of twenty-something single males who just bought homes, and neither makes a lot of money. In my head, that is the demographic least likely to want to own a home. I bet they still won't clean the bathtub.
    13 Dec 2012, 11:18 AM Reply Like
  • A real estate pumping website thinks people aren't buying because inventories are low???? And that only when prices start rising will people want to buy again? OMFG.... Can you get any more idiotic....
    13 Dec 2012, 11:04 AM Reply Like
  • You read it wrong - existing homeowners are more likely to sell if they can use the rising price of their current home as equity for a move up or a move down.
    13 Dec 2012, 11:15 AM Reply Like
  • It still makes no sense and is real estate double speak. Homeowners of course only want to sell when prices are up, but no one is going to want to (or be able to) buy if prices rise too much more, so it's a moot point. Even with FHA allowing you to put only 3.5% down people still can't get mortages. Real estate prices are at an all time low and there is no shortage of houses on the market. If realtors can't get people to buy in this market, good luck when housing prices go up. Too many people got burned in the last bubble to fall for that "real estate prices will rise forever" mantra again.
    13 Dec 2012, 11:28 AM Reply Like
  • Depends on what market you are looking at. There are areas where there is a shortage of homes for sale. And actually, the inventory of homes is quite low. My neighbor just put his house on the market and there were comps selling within ten days.
    Home owners sell for a lot of reasons, not just because prices are up. I never sold for that reason, the only reason I ever sold was because of a job change.
    A lot of things don't make sense in real-estate. The first house I bought was in 1982 and interest rates were above 13%, houses were selling like hot cakes. We had a tough time finding one.
    13 Dec 2012, 01:36 PM Reply Like
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