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Millennials: The Newest Generation of Homeowners

Millennials: The Newest Generation of Homeowners

 

Millennials are the best buddy of innovation. They aren’t scared to experiment with new trends, and they clearly
appreciate and can communicate with technology. This group, more than any other before it, has made online purchasing,
smartphone applications, and social media more accessible to everyone who utilizes them. As a result, it should come as
no surprise that they are transforming real estate markets since they are highly systematic and research-driven when it
comes to purchasing a property. And this generation has developed their own distinct idea of what it means to “house
hunting”

As a result, it should come as no surprise that millennials purchase differently than their parents. With the advancement of
technology and the shifting dynamics of the housing industry, millennials are transforming the way homes are marketed.

Here are a few of the major ways millennials are influencing real estate markets around the country.

Ideal Dream Home
Because of media millennials are exposed on different kinds of structures. Shows in Netflix like the “Tiny house nation”
and even “The Minimalist”. Let’s not also forget our Pinterest buddy for designs. Millennials are unconsciously creating
standards in making their dream home.
While local economies are improving, possibilities for assisting with adaptation and remodeling of a new property might
still be difficult, particularly for individuals who have recently graduated from college and have student debt. Many
millennials get around this by shopping for ready-to-buy homes, namely those with renovated and functioning kitchens
and bathrooms. Open floor layouts, home offices, and technological updates are also popular.
They will also pay particular attention to the location of the property. Many will even look for future homes that are
ecologically friendly and include advanced features such as solar panels.

Home Prices Are All The Buzz
Okay, most house purchasers are concerned about housing prices. However, as housing prices continue to increase both
locally and nationally, first-time homebuyers face a significant barrier to entry (the category that most millennials fall into).
In many cases, people give up seeking and subsequently struggle to locate a respectable home to live.

Many millennials desire independence and homes but are limited by rising expenses. Many of them are overwhelmed by
the prospect of saving enough for a down payment or incurring an extra fee in the form of private mortgage insurance.
When new or extra expenditures are added to the mix, funds are frequently tight, with little wriggle space.

Renting Mindset
Many of the next generation of homebuyers are renting rather than buying—and not only in real estate. The growth of technology has resulted in
an increase in the renting or “sharing” economy. Uber and Lyft, for example, provide millennials with access to a car without the obligation of
ownership. The cognitive process is different because the times we currently live in differ from those of past generations.
While this approach may have contributed to their reluctance to storm the market, it also means that many buyers have scoured the local real
estate market, know what they want, and are prepared to take the jump. Just be ready because when they are ready to buy a house,

Sell To Millennials
According to research, millennials account for more than 60% of all first-time purchasers. When you consider that they account for one-third of all
property purchases, they are a buying power that sellers must comprehend and respond to. That is a major reason why today’s industry is
attempting to match their stringent expectations.
It’s no surprise that many house sellers are now performing all required repairs and renovations before offering their property. They even go so far
as to replace their appliances and install smart technologies in order to make their houses more energy efficient and ecologically friendly.
Millennials are willing to conduct lengthy internet research in order to get the right item at the greatest price, and purchasing a home is no exception.

Millennials May Use Gadgets to Find (and Finance) Homes
Mobile devices are becoming an important element of real estate transactions for millennials, which is evident in how they
engage with real estate brokers. Millennials, in general, prefer texts over phone calls, thus real estate salespeople are
attempting to adapt to the new world of texting and email, making less phone calls to customers or potential clients.
Furthermore, millennials search for homes using applications on their cellphones rather than traditional methods. In fact,
millennials are twice as likely as the elder baby boomer generation to use their mobile devices to hunt for a property. This
implies that house listings must become more mobile friendly in order to cater to the burgeoning millennial demographic.
As previously said, millennials are more technologically oriented, which causes them to seek for houses differently than
their parents. Older generations tend to browse houses through traditional channels, relying on a real estate agent to find
possible properties and schedule walkthroughs.
Real estate agents were essential in the early phases of the home-buying process for baby boomers. These purchasers
did not have the luxury of using a website to begin their property search, reduce their alternatives, choose a target sale
price, compare comparable sales in the neighborhood, or obtain extra information on crime rates and schools.
This means they will double-check all of the information you provided before even considering scheduling a viewing.
Furthermore, because of their acute internet research abilities (many are social media whizzes), both agents and sellers
should be prepared to answer a slew of inquiries not only about the building but also about plumbing, electricity,
neighbors, and a variety of other property characteristics. The more prepared you are, the less startled you will be when
they ask about the septic tank, crawl space, electrical breakers, and even the backyard workshop.
With so much information available online, millennials are focusing on using internet tools to find houses. As a result,
these younger purchasers may be more knowledgeable about the market and available houses than older buyers.

Millennials Tend to Buy Homes Later Than Their Parents
While millennials are anxious to become homeowners, they are also aware that the housing market has changed since their parents bought their
first houses.The higher house prices mentioned before are a key cause for the extended time in renting. Many millennials rent while saving for a
down payment, which extends the time required to save enough and causes them to buy homes later than their parents and grandparents.
Every generation has its own benefits and qualities, and markets must evolve to meet the changing tastes and wants of its customers in order to
prosper. Millennials are the current trendsetters in a large share of consumer products, including large purchases like real estate.
Millennials have just recently begun to enter the real estate market, but they have already had a significant impact, and that impact is more than a
fleeting trend. Many of the patterns mentioned here will almost certainly continue when future generations enter the housing market, so it’s vital to

keep an eye on what they’ve contributed to the sector. Because of the increased dependence on technology, searching for and purchasing
homes has become more efficient and smooth.

Posted in: Buyer Tips, Home Tips, Seller Tips Tagged: buy, generational, homeowners, Millennials, rent

The Secrets to Building Wealth Through Home Ownership

The Secrets to Building Wealth Through Home Ownership

Building wealth is part of the American Dream. And yes, that dream is constantly in flux and ever changing depending on who you are and the unique goals you bring to the table. However a stable piece of that dream seems to be building wealth and moving towards financial freedom. Part of that involves owning a home. It’s not just about security and having that piece of the dream to show for yourself. It’s bigger than that. Owning a home can help you build wealth and move into greater financial freedom, for yourself as well as future generations.

What is wealth exactly?

In succinct terms, wealth is all the assets one owns minus any and all debts you’ve incurred. That’s the more technical definition that goes along with the math and simplifies you to numbers on a page. However, wealth means greater freedom. Having more wealth means the ability to save for retirement, achieve financial freedom, have more security and mobility to make financial decisions, and the means to save for future generations. Wealth allows you to live more fully in sync with your other dreams and goals.

How does owning a home help build wealth?

There are more ways to build wealth than home ownership. Some people achieve this through stocks and bonds. Others save from their income and pay off debt over time. However, home ownership is one of the most effective ways to build up wealth over time. Here are a few reasons why:
  1. Provides a stable investment: While you are able to live in this house and make it a space to call home and your own, it’s also providing an investment. You make monthly mortgage payments and those also double as monthly investment payments. It’s like an automatic savings account because each payment actually builds your investment.
  2. Provides a stationary monthly payment: You won’t have to worry about rent increases each year. You know what your fixed mortgage payment will be each month and can budget around that without the worry of rising rent.
  3. Provides tax breaks: You may be eligible for a tax deduction when you buy, especially if you’re a first time homebuyers. Look into what tax incentives and breaks are available to you.
  4. Provides you with a generational asset: You can pass down the home itself or the equity you’ve built up through owning a home to your children and grandchildren.
  5. Provides greater financial freedom: As you own your home for longer and continue to pay the monthly payments, you’ll find greater freedom to invest in other areas. You know your budget and that stability allows you to invest in stocks, retirement or other ways to save and grow your wealth. Not to mention, if you pay off your mortgage, you can really build that wealth and retirement without those monthly payments. Or you can always sell one home and purchase the next one, perhaps at a greater cost, thus building your wealth further.
Consider all these aspects of home ownership to determine when it’s the right time for you to take that step. I’m here to help with any and all questions you have along the way. Contact me today to learn more!

Posted in: Buyer Tips Tagged: buy, home for sale, home ownership

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(856) 207-9944

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