About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Millennials Undaunted By Competitive Housing Market

Low housing inventory continues to increase competition among homebuyers, but that isn’t deterring Millennials, according to the latest Ellie Mae Millennial Tracker report.

Even in some of the most expensive markets, purchase loans among Millennials continued to increase in April. Purchase loans increased to 89% of the market share in April, up from 88% the month before.

And as purchase loans increased, refinances continued to drop. Closed refinance loans fell to 10% of all loans, down from 11% the previous month.

Millennials even accounted for the majority of closed loans in several metropolitan statistical areas including Bardstown, Kentucky, where Millennials made up 73% of closed loans, Hobbs, New Mexico, with 71%, Dalton, Georgia, with 65%, Victoria, Texas, with 63% and Appleton, Wisconsin, with 63%.

Millennials tend to gravitate toward affordable housing markets in the Midwest and Southeast, however, they are also showing a strong presence in some expensive big cities. Over the past three years, the number of Millennials who closed loans increased in New York City, Chicago, Los Angeles and San Francisco.

“This new generation of homebuyers is making its presence felt across the country,” said Joe Tyrrell, Ellie Mae executive vice president of corporate strategy. “Since the beginning of 2016, the percentage of Millennials purchasing homes in the Bay Area has actually increased from 16% to 20%.”

For the complete article, please see the original article on HousingWire.com, by clicking HERE.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.