Millennial Home Buyers
For years millennials have been known as the generation that is staying in their parents home longer, taking more time to buy their own home than any other generation. Now, the tides are turning. Did you know that millennials were the #1 home buyers in 2019? We saw this trend start throughout 2018 and continue through 2019. While they may have taken their time showing up to the world of real estate, they are certainly making up for it. So how do you help them make their first large purchase?
1. They are more cautious when it comes to large purchases because they were raised during the recession. However, most seem to be ready to finally make a purchasing decision within the next 5 years. Make sure they see the value in the home they are looking for and understand that this isn’t just a purchase – it’s an investment.
2. They have had time to pay down student loans and debt. Most will already have enough saved for a down payment. Make sure they reach out to multiple lenders and shop around for what works best for them financially. Some may qualify for conventional loans while others will need FHA or additional options.
3. They are more interested in looking online first. Make sure to relate to them by familiarizing yourself with how different real estate sites present information. Chances are they frequent Zillow, Trulia, Realtor.com and other popular sites before they even call an agent. Also, make sure to explain what you can do for them. They may not realize the full value and services provided by real estate professionals.