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More millennials looking to buy homes

A recent study from realtor.com said more millennials are looking at buying homes, and Utica ranked third in the country.

Posted: Apr 30, 2018 7:27 PM
Updated: Apr 30, 2018 11:21 PM

UTICA- A recent study from realtor.com said more millennials are looking at buying homes, and Utica ranked third in the country.

Local licensed real estate broker, David A. Paciello said the statistics are true. He said within the past year, he's seeing more millennials coming to him interested in buying homes, more than ever before. He said just a couple years ago, the baby boomers were more interested in buying houses.

Paciello said currently, the market appeals to sellers which means there's more competition for the buyer. He said because of that, the prices for homes have increased. Utica's average price for a home is between $100,000 and $120,000. Paciello said this isn't stopping millennials from buying homes. "Millennials as a whole have waited much longer than your traditional buyer to purchase a home, where as prior generations were buying homes in their early to mid 20's," he said. "Millennials have been waiting sometimes into their early 30's, but this goes back to that demand. That pent up demand is kind of driving this strong market which is why Utica is where it is in the standings," said Paciello.

Paciello also told NEWSChannel 2, he's had to hire more realtors to keep up with the demand.

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