Gen Y buyers snapping up homes faster than other ages - Los Angeles News | FOX 11 LA KTTV

Gen Y buyers snapping up homes faster than other ages

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PHOENIX -

2013 is being called the year of the homebuyer. The housing market is turning around.

The folks buying most houses are Generation Y-ers. They see this as a prime time to buy.

"We're seeing a lot of younger kids who grew up in the area are now coming back in the area," says Bobby Lieb.

Realtor Bobby Lieb is selling more houses to younger folks, specifically Generation Y.

"It's allowing the buyer who couldn't afford the rates at 5 and a half, 6 percent, allow them to come back in and qualify for mortgages they didn't think could happen," says Lieb.

Buyers like Zach Silvernail. He and his fiancé just bought a home for $227,000. And it was a fast purchase, thanks to online home tours and other tech advances in home buying.

"We expected it to be really hard but it was easier than we anticipated," says Silvernail.

With the real estate market starting to bounce back, realtors are making it easier on young buyers using new technology like QR codes or YouTube.

"They do YouTube, Zillow. It's interesting because initially we thought the internet was going to hurt our business. For me it's great because a lot of people will say hey I saw this on the internet I want to see it," says Lieb.

They saw this house not too long ago and will move in two weeks -- a move Zach Silvernail is excited about.

"I grew up like literally two minutes down the street so it's perfect for us."

Generation Y'ers are those born between the early 1980s and 2000. Investors are also picking up lots of houses with cash.

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