Millennials have come of age and are entering the real estate market in masses. Over the course of the next few years, millennials will dominate the landscape. In 2019, it is projected this demographic will make up 45% of new home purchases.
The younger millennials (closer to age 25) will enter the market as first-time home buyers while the older millennials (closer to age 34) will transition their young families into larger homes. No matter which category you fall into here, it's important to note how you can make the most of your home shopping experience in 2019.
Here's 4 Things that Matter Most to Millennial Home Buyers:
1. Trustworthiness. No one wants to work with someone they don't trust. But the millennial generation seems to put a greater emphasis on online reviews and reputation. We get it, you want to make sure your real estate agent and Home Loan Specialist are rock stars in their own right.
2. A Buyer's Advantage. Work with a mortgage professional who will set you up to win at the very beginning. You want someone who offers buyer-friendly programs like Certified Home Buyer and Rate Secured before you even start looking for a home. This will shorten the process and keep you from wasting your time with weak pre-qualifications. Once you find a house, you'll be ready to make an offer and the process of buying a home is shortened.
3. The Lay of the Land (Literally). You want a great neighborhood with walking paths, highly-rated schools, and possibly a smaller home than generations before you. We've found that 68% of millennials are willing to be weekend DIYers in order to be in a more desired neighborhood. Watching TV shows like Fixer Upper and Love It or List It have played a role in encouraging renovations to make a space your own.
4. Mobile and Tech Savvy. Home search apps like HomeScout® and fast communication are important when you're looking for a new home. Make sure you are using a home search app that is up-to-date and doesn't provide you with a list of homes that are under contract or already sold. You want to be as efficient as possible during your online home search so make sure you searching the latest listings available on the MLS.
For more information about starting the home buying process or any Churchill programs for purchasing a home, reach out to a Home Loan Specialist here.
Sources: https://www.forbes.com/sites/alyyale/2018/12/06/2019-real-estate-forecast-what-home-buyers-sellers-and-investors-can-expect/#316e839470d9https://info.bankofamerica.com/homebuyers-report/