NEAR Leadership Elected & Trends Presentation at 2018 Annual Meeting
Thursday, October 25, 2018
Posted by: Maria Brogan
A packed room full of NEAR members gathered today for our Annual Meeting and Election of Officers at the Radisson Hotel in Chelmsford. Launching the event, President Susan Callahan offered an association update as well as check presentations with our Community Service Co-chairs Ric Beaudoin and Joan Kelly for two local organizations: Bread and Roses Housing in Lawrence and Budget Buddies in Lowell.
NEAR Past President and 2018 Nominating Committee Chair Tom Courtney presented the slate as recommended by the Committee, which was unanimously voted in favor by all members in attendance. NEAR's 2019 Leadership Team will include:
President: Mark Kavanagh
President-elect: Kristen Blanchet Keegan
First Vice President: Peter Schwartz
Secretary: Kristen Kathryn Early
Treasurer: Ryan Schruender
Following the annual meeting and election was a program by Jessica Lautz, NAR’s Director of Demographics and Behavioral Insight. Her presentation, Avocado Toast for One, Please, focused on millennial impacts and other factors in current housing market. Lautz shared current home buying trends for buyers of all ages. Some of the key points:
minority homebuyers are growing,
millennial homebuyers now outnumber baby boomers,
the marriage rate among homebuyers is falling, and
homebuyers are living longer.
Lautz also addressed the student debt crisis affecting many millennials as well as their parents or co-signers. According the Student Loan Debt and Housing Report, the median student loan debt is $41,200. With the median income for those saddled with student debt at only $38,800, many are struggling to save and buy a home. Student load debt presents other barriers as well, such as keeping borrowers from saving for retirement or starting a business. Those same borrowers expect a delay of seven years before buying a home due to their student loan debt.
Other key considerations are the increased focus on pet-friendly amenities, multigenerational living situations, and down payment misconceptions.
Missed the presentation? Check out the resources below: