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Experts: Members of Generation Y will turn the real estate market around

April 2, 2010 - As government officials and real estate agents search for ways to recovery in the housing market, some industry analysts are suggesting that home sellers and developers should pay attention to the desires of Generation Y.

The Chicago Tribune reports that most members of this demographic - born between 1982 and 1995 - are first-time homebuyers, which means that they do not have to worry about selling an existing home before purchasing a new one. These individuals are willing to spend more on their first homes, which has led developers to pay more attention to their needs.

Because these individuals tend to be more eager to buy at an early age, builders are developing small, efficient houses and condominiums that come at a lower cost than existing homes. Most of these members of Generation Y also prefer to live in more urban areas.

"They're breaking away from their parents in the suburbs," Mitch Levinson, managing partner of mRelevance LLC in Arlington Heights, Illinois, told the news source.

These homebuyers may also be inspired to buy under the Federal Housing Tax Credit, which could be worth as much as $8,000 and is slated to expire at the end of this month, according to the National Association of Home Builders.

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