ROGERS HEALY is a proud Texas native, and the colorful and energetic Owner and CEO of the largest independently owned real estate brokerage in Texas, Rogers Healy and Associates (RHA). He acquired his real estate license in 2001, while an undergrad at Southern Methodist University. After a few years learning from nationwide brokerages and well-respected leaders, RHA was founded in 2006 and today has over 500 real estate agents, approximately 50 full-time staff members, and almost 30,000 square feet of office space in North Texas. In addition, Rogers has founded four sister companies under The Rogers Healy Companies umbrella. Healy Global Real Estate and Relocation in 2007, Healy Property Management in 2008, RHA Commercial in 2010, and RHA Land and Lake in 2021.
How Millennials are Driving Today’s Texas Real Estate Market
The current Texas residential real estate market has undergone some major shifts. We’re seeing higher selling prices, tighter inventories, and fewer days on market than ever before. We reached out to Rogers Healy, the owner and CEO of Rogers Healy & Associates, Texas’ largest independent real estate brokerage, to understand what is driving these changes.
the network: Bear market prognosticators have called this current market a bubble. But we understand you are a little more bullish on the Texas market. Can you share your thoughts?
Rogers Healy: Back when real estate was the enemy, perhaps 10 -12 years ago, it made sense to fear a market crash because people were purchasing who realistically shouldn’t have been purchasing. Now people who have been renting longer than normal are driving the market: Millennials! People who typically downsize are still upsizing and people who have waited for their first purchase are buying and they’re moving to economically attractive markets like Dallas. It is a modern-day boom town driven by the two biggest sectors of buyers: Baby Boomers and Millennials.
the network: So, what role do changes in the generations play in this market?
Rogers Healy: It’s historically low inventory across the board. I do think people panic—purchased a year and a half ago when people thought the world was going to end. It has slowed down a bit. People who have acquired properties are renting them out to make money to afford the mortgage rates. A common trend within the home buyers are shorter term home ownerships. People are selling after 2-3 years rather than 5-7.
the network: We’d always heard that Millennials had no interest in property ownership. What’s changed?
Rogers Healy: They’ve grown up. We’ve had a baby boom the last year and a half. I think when you go from spending 50% of your income on rent and then shifting to moving and saving money a little bit and having that as a down payment you become a different type of adult. We’ve seen this especially in the last year. Millennials have grown up.
the network: But Baby Boomers are still playing an important role in this equation, right? Can you explain how?
Rogers Healy: Believe it or not, they’re upsizing. They realize they aren’t traveling as much as they’d planned. They’re going to be home much more due to the environment of the world changing. So they’re either expanding their current home or finding something that is going to fit their needs with downstairs living space which needs more land to acquire. They are really disrupting the industry by nontraditional upsizing instead of downsizing
the network: How is it that Millennials, this group of theoretical self-centered investors, came to change the market?
Rogers Healy: They’re finally realizing that real estate is the best investment. They have been overwhelmed and consumed with the sparkly investing objects like bitcoin and NFTs but are really only finding long term investment satisfaction in property ownership. They are finally coming to the realization that tangible investments are more attractive than non-tangible in the long run.
the network: Millennials are facing the most aggressive price increases in recent Texas history. How are they able to lay claim to this market?
Rogers Healy: Millennials have had to accept the fact that they probably can’t afford the best, most popular or desirable neighborhoods or cities at this time. We’re finding that Millennials are now moving to a neighborhood they wouldn’t historically move to just to get into some equity and save some money to eventually live where they want in a few years.
the network: So, Millennials and their Boomer and Gen-X parents are changing things. How long can this last?
Rogers Healy: Nearly 10,000 Baby Boomers are turning 65 years old every day. Which in turn means retirement, and they either upsize for their new life at home with maybe grandkids or they turn to downsizing, moving to a condo in the Bahamas – whatever it may be. Millennials now have the opportunity to purchase these generational homes and ditch their leases. We’re finding that those Boomer and Gen-X parents are often helping fund the down payments to encourage their Millennial offspring to take the plunge.
Ed. Healy’s optimism in the market led him to create the Rogers Healy License Launch program, through which he plans to fund the real estate education of up to 1,000 new Texas real estate agents. Those interested in beginning their careers in real estate should visit https://www.rogershealy.com/rha-license-launch . Healy can be reached at [email protected]
What Generation Am I?
|Generation||Births from||Births until||Coming of age|
|The G.I. Generation – The Greatest Generation||1900||1924||1918 – 1942|
|The Silent Generation – Lucky Few||1925||1945||1943 – 1963|
|The Baby Boom Generation – Baby Boomers||1946||1965||1964 – 1983|
|Generation X – Latchkey Kids||1966||1979||1984 – 1997|
|Generation Y – Millennials (or Echo Boomers)||1980||1994||1998 – 2012|
|Generation Z – Gen Next (or iGeneration)||1995||2016||2013 – 2034|