Millennials are finally ready to purchase real estate thanks to a healthier economy and hot real estate markets throughout the U.S.
But, Baby Boomer parents, now empty nesters, want the same kind of home millennials want in some urban markets.
Gayln Ziegler, with Opendoor, said Baby Boomers aren't leaving their suburban homes to move into retirement centers, but are moving into the city and competing with millennials who haven't left yet, to raise families in the 'burbs.
“The Boomers are coming in with some equity in their homes that they’re selling. The millennials are coming in with hopefully a little bit of savings, so it’s harder for them,” said Ziegler.
She said Baby Boomers are healthier, much more active and want to live in urban areas...where millennials dwell.
“Boomers are kind of geared towards saving, that’s their thing. They were raised during a different time, so they do have a competitive edge,” said Ziegler.
She added that Boomers also have more flexible schedules to go view houses than millennials.