Who are Millennials?
Is their approach to buying a home different than Gen X'ers or Baby Boomers?
Millennials, according to Pew Research, are 18-34 years of age in 2015. These men and women overtake baby boomers as America's largest generation-according to population estimates by the Census Bureau. Immigration adds more numbers to this group than any other. By the year 2036, Millenial population is expected to peak at 81.1 million.
So what are Millennials looking for in a home? Are they confident, city dwellers with expectations that are wildly different from previous home buyers?
Not really-they have the American dream of owning their own home, just like home buyers before them. Here's a breakdown of the survey done by the Responsive Home Project,
- 83% of Millenials want space in a less populated community
- 85% of Millenials buy a home to build personal equity
- 86% of Millenials want outdoor space for entertaining and plenty of space in the home
- Walkability ranks very high for most Millenial home buyers. They want to be close to parks, grocery stores and schools with community activities close by too.
Millenials are searching for homes, on their own, more than any other generation of home buyers. Mobile apps make it easy and fun to learn about schools, communities, and home prices in neighborhoods. And finally, Millenials are more likely than other groups to interview several Realtors before choosing someone.
Buying a home is an expensive adventure...and it should be fun! If you're buying a home or just thinking about getting started, here are a few things to do-
- Interview several Realtors and trust your gut instinct. Are they listening to you? Will they promptly respond to your texts & phone calls?
- Review their Buyer Broker agreement. Can you really break up with them or are you wedded to their company? At Buyer's Edge, you can end your agreement by email. Again, trust your gut before signing with a real estate company.
- Are they showing you houses & condos that you want to see or houses they want to sell? Remember, you are the one financing this transaction. You deserve to be fully represented by a qualified professional who will guide you through the home buying experience.
Resources for Home Buyers