Serhant: Millennials boosting real estate market
Million Dollar Listing New York's Ryan Serhant joins Fox News Lifestyle and reveals the latest real estate trends among millennials and explains what's happening in real estate across the country
Ryan Serhant, best known as one of the original castmembers on Bravo's hit real estate reality series "Million Dollar Listing New York," has been in the business for almost a decade. Now, he says, he's seeing more younger buyers eager to purchase a home in the city's increasingly expensive market.
“It kind of seems like 2017 is going to be the year of the millennial," Serhant told Fox News. "They’re really coming back in full force in a way that I haven’t seen ever in my career and I started at the end of 2008."
Being at the front line of the housing market, Serhant acknowledged the remarkable resurgence in luxury listings as one of the biggest trends of the year. And he says he's even seen a boost since President Trump took office.
“The millennial buyer base is the largest buyer base in the U.S. right now and since the inauguration they are asking for pre-approvals, they are going out to see things.”
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In the city, Serhant says, the average open house attendance has risen, with about 30 to 40 people showing up compared to the last three years where only three or four people would attend his showings.
New York City is known for having some of America's most expensive real estate-- especially per square foot. But if you're not looking for palatial digs, Serhant says there are some more affordable areas to check out. Manhattan's trendy East Village and Lower East Side neighborhoods (known for their pleathora of bars and restaurants) are relatively affordable compared to West Chelsea.
So if you are ready to start the buying process, how do you know your agent really has your best interest at heart?
For first time buyers, Serhant recommends that people talk to friends and go to open houses to meet the right broker.
“At the end of the day all listings are public information but you want to be protected in your purchase so you want to work with a real estate agent," Serhant recommends. He continued, "You want them to be knowledgeable about the market and about the property because that’s what you’re paying for.”
Serhant is currently filming the sixth season of "Million Dollar Listing" and revealed to Fox News that there will be a new character introduced when the show premieres this May.