Modern Market Realtors | Members of Fargo-Moorhead Area Association-Realtors

Modern Market Realtors are proud members of the Fargo-Moorhead Area Association-Realtors, 42nd Street South, Fargo, ND, USA. We have members since 2010 and love serving the Fargo Real Estate community.  Modern Market Realtors are true professionals that really care about every real estate transaction.   Read More Here

Modern Market Realtors  
1306 24th Ave S, Moorhead, MN 56560

 Phone: (701) 205-5517

Generation Z Real Estate and the Rough Ride.

When the housing market crashed 10 years ago, conventional wisdom held that millennials would become a lost generation — a generation that would persue settling down due to the trials experienced by their parents during the recession of 2008 in Fargo. They became more risk-averse, afraid to meet the same fate of previous generations.

Millennials And Gen Xers

While demographic and lifestyle choices, as well as a desire for nonconformity, have contributed to the high rates of renting over owning among millennials, one of the main factors pricing millennials out of homebuying is, ironically, high rents.


While baby boomers and Gen Xers saw homeownership as an opportunity to build wealth and as a place to settle down, millennials do not. Millennials are often unable to forgo renting in favor of homeownership, in part because of the high cost of living in the cities they choose to live, as well as the high debt load they carry following graduation. This is potentially problematic for the financial future of their generation, as homeownership historically has been a tool for wealth-building in the United States.

Another millennial preference has been to leave the suburban and rural life, which has pushed demand for more urban-friendly apartments over private homes.

Changes Are Coming

Although so much time and effort have been spent on understanding the millennial generation and their homebuying preferences, the market is on the cusp of yet another shift in homebuying trends as Generation Z prepares to enter the market and make their own mark.

If history is prologue, Gen Z seems more interested in suburban living as opposed to life in the big city. Gen Z renters are willing to sacrifice location for space, amenities, value, connectivity and community.

Coming of age in the shadow of the Great Recession, Gen Z is more financially conservative but remain optimistic. Gen Z has been entering the housing market as renters with their sights set on homeownership; an estimated 101,000 have already purchased homes.

An Chanvce For Workforce Housing

Despite having aspirations for homeownership, we do not have enough data to know where Gen Z will end up as far as homeownership is concerned, and with rising interest rates it is unclear whether their optimism will lead to substantial changes in the marketplace.

With that uncertainty, there is plenty of opportunity now in workforce housing. There is a niche that has formed for suburban property owners who have been enticing these younger buyers who prefer suburban living but also want access to public transportation and desirable amenities at an affordable price. Our firm, for example, incorporates community into our properties, offering a variety of events and programs, including speed dating, game nights and sports leagues, in addition to some of the other luxuries many have become accustomed to, from swimming pools to gyms and playrooms for children.

It is important for property owners within the workforce housing space to familiarize themselves with their residents. Rather than assuming that what worked for one community will work for another, widen your outreach program to include roundtable discussions or focus groups that garner direct feedback from your residents. Determine what is important to them and renovate or update your properties accordingly. There is no rule of thumb for what makes a workforce housing property successful. Instead, take the time to understand the needs of your residents and what improvements will heighten their sense of community.

Responding to consumer demand is necessary to keep up with the market, but it’s important to know who is driving that demand and to recognize when the market and buying power is beginning to shift. For now, millennials remain in the driver’s seat, as they are currently the largest market and the right age to buy and rent homes. However, in a few years, Gen Z will take over and become the drivers within the market, changing the way developers and owners approach their properties. Make sure you’re ready, because it’s coming.

Modern Market Realtors
Jim Christl
701-205-5517

Jim Christl, Real Estate Broker

Modern Market Realtors
1306 24 Ave S
Moorhead MN 56560
Office -(701) 205-5517
Home Phone -(701) 205-5517
Mobile-(701) 205-5517
Email: Jim@ModernMarketRealtors.com

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Buying A Home Plan for Younger People – Make Sure to Plan Ahead

Granted, few young people spend much time day-dreaming about buying their first home. They're naturally preoccupied with academics, athletics, parties, dating and future career possibilities. Nonetheless, there are a number of good reasons to start learning early in life about the costs of buying a home and the responsibilities of homeownership. For example, a college student's misuse or abuse of credit cards can preclude his or her buying a home later on.

Here are five recommendations for young people who want to position themselves for homeownership:

1. Establish good credit habits and a favorable credit history. Get a credit card and use it responsibly. Apply for an automobile loan and make your payments on time every month. If you're renting an apartment, put your own name on the lease and the utility bills and make sure the rent and the bills are paid every month. If you're already struggling with credit card debt or have large student loans, take a free workshop from the non-profit Consumer Credit Counseling Service. Call (800) 388-2227 for information.

2. Start saving for a down payment and closing costs. It's possible to purchase a first home in many parts of the country without much in the way of savings. But in high-cost housing areas, starting to save early can be enormously beneficial because you'll get the advantage of compounding interest and have a longer period of time to grow your investments. Open a savings account or a stock brokerage investment account and make regular deposits.

3. Read some books. Your local library and bookstore probably have at least a few shelves of books about financial management and buying a home. Take notes. Make a financial plan for yourself.

4. Research where you'd like to live. Many young people assume they'll continue living in their own home town when they get older, but people are more mobile than ever and chances are good you'll one day live in another city or even another state. Again, the library, bookstore and Web can be excellent resources for information about housing costs and homeownership opportunities around the country.

5. Tap your real estate agent relatives for advice. Parents, grandparents, aunts, uncles or older cousins in the real estate business can give you good information about the cost of housing in the area where you want to live and what it takes to buy a home. Questions to ask: Is housing affordable in this area? How much money would I need to save in order to buy a home? What advice would you give me about planning my financial future? Would you recommend some books that I might like to read about buying a home? Don't be shy. If you have a question, ask someone in a position to know the answer.

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