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Jan Bigelow: 928.300.1699
Wally Reule: 928.301.5943
A friend recently shared a couple of articles that express concern over the state of the real estate market, and its ability, or lack thereof, to grow. The fundamental basis for concern was that the growth expected from the millennial generation, based on lower down payments and relaxed underwriting standards, just hasn’t happened. And while that’s true, how does it really affect our local Sedona market.
To begin with, nationally, millennials (age 20-35) were the largest generational group to purchase homes last year. They bought 31% of all the homes sold in 2014. That’s just slightly ahead of Generation X (age 35-50) at 30% and Baby Boomers at 30%, with the final 9% going to the silent generation (age 69-89). But here in Sedona, there was not a millennial in sight, and very few Gen-Xers. The majority of our buyers were baby boomers, with a few of the silent generation thrown in for good measure.
A few other important distinctions are:
The bottom line is that while national trends affect Sedona real estate, we compare directly with a small segment of the larger market. The buyer that we work with is generally more affluent and secure than the average buyer. So what may appear to be disappointing news nationally is not necessarily the case here in Sedona.