5 Things to Know About Millennials and Real Estate Trends Right Now
Whether you’re a real estate agent who wants to do a better job marketing their services to Millennials or you’re a Millennial considering whether now is the right time to buy or sell a home, these trends may interest you.
5 Things to Know about Millennials, Real Estate Trends and the Home Buying Market Right Now
- Millennials are Living in the ‘Burbs, Buying Bigger Homes as First-Time Buyers
Millennials currently make up the smallest generation of homeowners; however, that will likely change very quickly because they were also the largest group to purchase a house within the last year. Zillow’s 2016 Consumer Housing Trends Report found that Millennials are currently to be found living:
- 47% – Suburbs
- 33% – Urban
- 20% – Rural
Due to economic and job situations, many members of the generation that was slower to come into home ownership than preceding generations are making up for lost time. They are skipping starter homes and purchasing larger homes as first time home buyers.
Read the whole story at TheMortgageReports.com
- Millennials Prefer to Buy New, Move-In Ready Homes that Don’t Need Renovations
The National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends has great statistics about Millennial home buyers aged 36 and under. Among these is an important differentiator.
48% of Millennials aged 36 and younger who chose to buy new homes rather than pre-owned inventory did so in order to avoid renovations and problems (compare this number to just 18% of buyers 71 and older who purchased new rather than pre-owned homes).
Get all the Millennial home buyer stats from the National Association of Realtor’s 2017 home buyer and seller generational report at www.NAR.realtor.
- Millennials Are Also the Most Willing to Consider Foreclosed Homes
Notwithstanding the fact Millennial buyers prefer move-in ready homes to pre-owned homes needing renovations, they are also the generation most willing to consider foreclosures, according to the National Association of Realtors’ 2017 Home Buyer and Seller Generational Trends report. The report indicates that as buyers get older, they become less and less likely to consider buying house that’s in foreclosure.
- Millennials Most Likely to Buy Through an Agent
This is great news for real estate agents. Millennial buyers recognize the value of buying through a real estate agent more so than other generations – again from the National Association of Realtors’ report. The numbers by generation of those who purchased their home using a real estate agent:
- 88% of all home buyers
- 92% of Millennials (36 and under)
- 88% of Gen X (37 to 51)
- 87% of Young Boomers (52 to 61)
Millennial home buyers also found their realtors advice and expertise in understanding the purchase process most helpful, which is not surprising considering that for many it is a first-time home buying experience. Even so, this is important to realtors who need to understand that they can add value to the buying process by acting not just as sales agents but also as educators – sharing their expertise, not just their time and assistance, with clients.
- 8 in 10 Millennial Home Owners Fearless When It Comes to DIY, Renovation and Repair
If you’re a realtor wondering how to build a contact list or engage Millennial home buyers and sellers, home decorating DIY, home renovation and home repair content could be your answer when it comes to what to share on your blog, social media and email marketing.
Due to cost and value, most Millennials purchase pre-owned housing inventory that needs some fixing. As a result, Better Homes & Gardens found that 88% of Millennial home buyers were “very interested” in consuming information about home renovations and repairs.
Thanks to a culture in which Millennials’ parents before them, and now as a generation themselves have access to a wide variety of TV shows demonstrating home renovation and repair projects, they are very willing to tackle their own remodeling and repair projects, as well as confidently decorating and accessorizing their homes.
Read more at NAHB (National Association of Home Builders article Buyers Willing to Trade Square Footage for Amenities at www.nahb.org.
You might also like: 5 Tips for Talking Mortgage Interest Rates with Millennial Home Buyers
The Fornerette Team at Fairway Mortgage in Tacoma works with home buyers in all generations to help them achieve the dream of home ownership, be it a first home for a Millennial buyer, move-up home for a growing family or a downsize for empty nesters. We build lasting relationships that create value and stand the test of time.