If you’re in the real estate industry, you know that Millennial homebuyers are one of your most valuable clients.
According to a National Association of Realtors’ 2021 Home Buyer and Seller Generational Trends report, Millennials continue to dominate the home buying market, with 37% of all home sales nationwide being made by 25 to 40 year olds.
Despite the hotter than ever 2021 housing market, this generation of homebuyers are not always jumping at the first property they see. Recent reports indicate that over 40% of first-time buyers spent over a year searching for a home.
These buyers are pickier and won’t settle for less than what they want, but they’re also one of the most resilient groups to work with.
Millennials are in search of investment properties, ones that they can work to improve over the years while building equity. They see a house as a vital financial investment and part of their goals for long term financial success.
For some, the lack of frivolous spending during the pandemic allowed for increased savings and a more serious commitment to homeownership.
As a realtor, you always have to listen closely to your client’s desires and expectations, but at a point, we must all be realistic with what the potential outcomes may be. Many of my clients started with a narrow list of expectations: Exactly three bedrooms, two and a half baths, a south facing picture window, an inground pool with land, despite desiring a 10 minute drive into the city.
At one point, these expectations were realistic and achievable. It was a buyers market, clients could mull over a listing and negotiate thoroughly. There were always more houses to choose from if the listing didn’t meet expectations.
It isn’t like that so much anymore. Buyers do not have the luxury of waiting, negotiating, or mulling over possibilities for weeks on end. They must decide quickly, and at many times, they must sacrifice their most desired home immentities in order to buy.
As a realtor, it’s not always easy to watch a homebuyer’s dreams get squashed.
An email recently came into my inbox surveying millennial homebuyers on their landscaping preferences. According to that survey, 73% of Millennials will still consider buying an outdated or rundown home if the yard is already landscaped.
I thought to myself, millennials will consider an outdated or rundown home with a lawn full of dead grass. It just doesn’t matter anymore, many millennial homebuyers just want a house to call their own, and will fix it up themselves.
According to Realtor.com, the typical home asking price hit another new high in May 2021 by reaching $380,000, an increase of 15.2% compared to last year. This dramatic increase has made buyers consider if they should wait to buy a home, afterall.
One thing is for sure, housing demand continues to outpace the supply side, and buyers must adjust their expectations accordingly.
If you’re in the real estate industry, you know that Millennial homebuyers are one of your most valuable clients.
According to the National Association of Realtors’ 2021 Home Buyer and Seller Generational Trends report, Millennials continue to dominate the homebuying market, with 37% of all home sales nationwide being made by 25- to 40-year-olds,
Despite the hotter than ever 2021 housing market, this generation of homebuyers are not always jumping at the first property they see. Recent reports indicate that over 40% of first-time buyers spent over a year searching for a home.
These buyers are pickier and won’t settle for less than what they want, but they’re also one of the most resilient groups to work with.
Millennials are in search of investment properties, ones that they can work to improve over the years while building equity. They see a house as a vital financial investment and part of their goals for long term financial success.
For some, the lack of frivolous spending during the pandemic allowed for increased savings and a more serious commitment to homeownership.
As a realtor, you always have to listen closely to your client’s desires and expectations, but at a point, we must all be realistic with what the potential outcomes may be. Many of my clients started with a narrow list of expectations: Exactly three bedrooms, two and a half baths, a south facing picture window, an inground pool with land, despite desiring a 10 minute drive into the city.
At one point, these expectations were realistic and achievable. It was a buyer’s market not too long ago, and clients could mull over a listing and negotiate thoroughly. There were always more houses to choose from if the listing didn’t meet expectations.
It isn’t like that so much anymore. Buyers do not have the luxury of waiting, negotiating, or mulling over possibilities for weeks on end. They must decide quickly, and at many times, they must sacrifice their most desired home immentities in order to buy.
As a realtor, it’s not always easy to watch a homebuyer’s dreams get squashed.
An email recently came into my inbox surveying millennial homebuyers on their landscaping preferences. According to that survey, 73% of Millennials will still consider buying an outdated or rundown home if the yard is already landscaped.
I thought to myself, millennials will consider an outdated or rundown home with a lawn full of dead grass. It just doesn’t matter anymore, many millennial homebuyers just want a house to call their own, and will fix it up themselves.
According to Realtor.com, the typical home asking price hit another new high in May 2021 by reaching $380,000, an increase of 15.2% compared to last year. This dramatic increase has made buyers consider if they should wait to buy a home, afterall.
One thing is for sure, housing demand continues to outpace the supply side, and buyers must adjust their expectations accordingly.
It’s an unfortunate truth—Many Millennial homebuyers will have to wait for their dreams to come true, at least a while longer.