The Record Real Estate Sections 04-23-17

JOBS CARS SERVICES REAL ESTATE BUY & SELL ANNOUNCEMENTS Place an ad / Phone: 1-888-460-5322 / Email: maketplace@northjersey.com / Online: Visit NorthJersey.com and click on “place an ad” SUNDAY, APRIL 23, 2017 • SECTION R P MILLENNIAL MARKET SHIFT 30-somethings are gradually settling down and buying homes, according to trends GAIL MARKSJARVIS CHICAGO TRIBUNE CHICAGO - Millennials are finally starting to show interest in homeowner- ship. Weighed down by massive student debt and job struggles, the generation brutalized by the Great Recession has lacked both the money and the desire to buy homes. They’ve been a generation of renters. But as millennials have entered their 30s, established themselves financially and started having families, they’ve gradually begun to show interest in homeownership, according to Fannie Mae economist Douglas Duncan. To be sure, millennials still trail other generations in home buying by a long shot. But they are making gains as they age. “They were hard hit by the economy, went back to college because they couldn’t find jobs and got a later start,” said Duncan. “They will start catching up.” The trend comes as a relief to real es- tate agents desperate to sell homes and economists worried that the economy would remain bogged down without enough first-time homebuyers. Typical- ly, 20- and 30-somethings play an essen- tial role in the economy and housing mar- ket. They become first-time home- buyers, filling their new homes with ev- erything from appliances to yard equipment. Millennial home purchases also give older generations the chance to sell their own houses and move up. Millennials are coming of age as ho- mebuyers, though, just as housing prices TNS Jessica Doane and Russ Page pose for a portrait in their Libertyville apartment on Wednesday, April 5, 2017. The couple plans on purchasing their first home in Chicago soon. (Chris Sweda/Chicago Tribune/TNS) are climbing and a lack of homes in some markets is causing bidding wars. Russ Page and his fiancee, Jessica Doane, have experienced the rigors of the market in Chicago. Both now 28, they weren’t in a hurry to buy earlier as they tried to get careers on solid footing. But as rents in the Chicago area climbed, they started asking themselves if they were wasting too much money on rent and they were tempted to move from a distant suburb closer to downtown Chi- cago. They recently found a home they wanted in the trendy Bucktown neigh- borhood — a sunny two-bedroom condo overlooking parkland. Yet they lost it as many buyers competed for the same unit. The winning buyer offered $10,000 over the asking price. “Jessica was pretty upset,” said Page. Still, he remains wary about overspend- ing on anything he buys. “I remember vividly the housing crash,” he said. “I was in college, and I watched my parents take a huge loss on their home. It was surreal.” So despite his feeling of stability, with his job in sales and his fiancee’s as a qual- See MILLENNIALS, Page 2R