13 Feb Understanding Millennials Part Two!
Most Millennials Are First-Time Home Buyers
Most millennials are first-time home buyers. What this means is they are new and actively looking for help with the home buying process.
Millennials Rely on Technology and Agents to Find Homes
When looking for new homes, millennials favor online listing service; however, despite their reputation for being self-sufficient consumers, most still see value in working with realtors. They don’t know how the process works or what to expect, so the number-one trait they’re looking for in a Realtor is trustworthiness followed by knowledge-ability.
While many utilize online tools to browse new homes and conduct initial research, they still want help from agents early on in the process.
Millennials Are Obsessed With Their Phones.
Millennials have earned a reputation of being smartphone-obsessed — and when it comes to real estate, the stereotype seems to hold up just fine. In fact, they’re 27% more likely to use their phones when searching for new homes.
Millennials Number-One Barrier to Entry Is Down Payments
The biggest barrier to home ownership for millennials is saving for a down payment, other challenges they face include high home prices, an overly competitive buyers’ market, and qualifying for a mortgage.
While Gen Y-ers are earning more than previous generations did at their age, millennial-specific issues like higher costs of living, student loans and poor credit are making it difficult for them to break into the market.