What Do Millennials Want?
Millennials, those born from 1981to 1996, are one of the biggest forces in the housing market today. This generation outnumbers both the Baby Boomers and Generation X, which were the largest drivers of the housing market for years.
Their tastes, needs and habits will shape the real estate market for years to come. So, what exactly do Millennials want when it comes to real estate? While the sheer size and scope of this generation makes it hard to make sweeping generalizations, there are certain trends that have emerged from Millennial home buyers.
Let’s take a look at a couple of them here.
Millennial Buyers are Powering the Market
For a long time this generation got a bad rap when it came to “grown up” type behavior. Millennials have been accused of being entitled, nomadic and so burdened with debt that they don’t care about or want home ownership.
Well, you just can’t believe everything you hear.
According to the National Association of RealtorsMillennials represent the biggest chunk of home buyers at 36%. They have also held this title four years running. While this may not fit the stereotype that has been widely accepted for years, it makes sense.
More and more of this generation are getting older, getting married, settling down and looking for houses to do all of that in. As any generation ages their activities change as well. Do you think all Generation Xers are still hanging out in coffee houses, wearing flannel and listening to grunge music?
Technology Plays a Big Role
You probably won’t be surprised to know that this generation is quick to whip out their mobile devices to research homes, agents, insurance and anything else home related.
99% of Millenials looked online during their home search and 58% found their home on a mobile device. Yet, this doesn’t mean they are looking to disrupt how things are done. 92% of this generation purchased their home through a realtor.
They topped out all other generations in all three of these categories according to Nationwide Mortgages.
Short on Time and Money
Yes, the stereotype that Millenials are saddled with too much student debt and are facing hot housing markets where they struggle to save up for a down payment tends to be true.
However, this doesn’t mean they aren’t entering the housing market. It just means that those factors are shaping their searches. Nationwide Mortgagesfound that 48% of Millennials prefer to buy newly constructed homes so they can avoid the cost, time and uncertainty of renovating a fixer-upper.
Ask the Experts
If you’re looking for more information about local housing trends, how Millenials might be affecting the market or if this is the right time for you to buy as a Millenial then you need to talk to an expert.
Jamec Blue has over $10 million in sales and with a host of happy clients, he’s the real deal. If you have questions, Jamec can answer them! Give him a call at 510-541-7489 or visit https://calpre.com/today for more information.