The Millennial generation is vastly different than previous generations, and it has affected many aspects of our society. Millennials’ lifestyles and preferences have even started to alter the real estate world. Let’s take a look at how Millennials are shaking up the housing market.
Carrying More Debt
With student loans and expensive rental payments, most Millennials struggle to save enough money for a down payment. Millennials understand that purchasing a home is a big financial commitment. With that in mind, they are entering the housing market later than previous generations did.
Millennials Know Exactly What They Want
One thing is for certain, Millennials know what they want and won’t settle for less. They don’t want to spend the time or money on a fixer-upper home. They prefer move-in ready houses – preferably with built-in conveniences and luxuries, such as smart home technologies or solar panels.
When it comes to looking for the perfect home, Millennials will use every website, app or technology available to research homes and neighborhoods. Millennials grew up using technology, so it’s no surprise it’s the first thing they turn to when starting their home search. And since they are so technology adept, they know every trick, Google alert setting and app to download to stay up to date when new listings hit the market.
Communication Is Key
With their fast lifestyles, Millennials expect short and to the point communication. Millennials often prefer a quick text over a long phone call. Realtors will notice that communicating with Millennials will differ from previous clients, but that doesn’t mean they don’t want to be fully involved. Millennials expect constant communication and availability from their Realtors and loan advisors, so they can ask questions in real time.
If you’re ready to dive into the housing market and start looking at your options, contact one of our mortgage planners today.