As CBS Channel 5 reporter Jason Barry puts it, with home values up and more buyers shopping around, the Valley’s housing market is doing fine, but it could be doing a lot better.
Phoenix Realtor Erik Jensen said there’s a big group of potential homebuyers out there called millennials, who are still a bit hesitant about purchasing a house or condo.
“They aren’t as hesitant as they are cautious,” Jensen said. “They do their research when they come to you. They’ve pulled neighborhoods they like and know what homes are currently on the market.”
According to a recent study by Bank of America:
- 94 percent of millennials aren’t comfortable going into debt;
- 88 percent avoid risky investments;
- 79 percent don’t want to dip into their savings at this point in their lives.
- It all adds up to the fact that folks under the age of 32 aren’t buying a lot of homes.
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