It's important to understand the concerns and needs of this demographic labeled Millennials since will be dealing with these buyers and sellers more and more in the near future. According to Business Insider's post back in May of this year, there are 3% fewer homes on the market than there were a year ago. Homes are also spending less and less time on the market. Nationally, it takes an average of 103 days for a home to sell, compared to 144 days in 2010 which may be the cause of Baby Boomers raining on the parade of Millennials.
It was revealed that Millennials are the largest group of recent buyers, and the most likely to use real estate agents moving forward. It also takes Millennials longer to save for down payments due to higher home prices as well as higher amounts of student loan debt.
The National Association of Realtors recently published a report for Home Buyer and Seller Generational Trends back in March that said:
Listed a Among home sellers, those aged 37 to 51 years make up the largest generation of sellers at 29 percent, followed by sellers 62 to 70 at 21 percent. Consistent with past reports, sellers 51 years and younger tend to trade up to a larger and more expensive home when they buy. Sellers 52 to 61 stay at similarly priced and sized homes, while sellers 61 years and older are often downsizing to a smaller and lower priced home when they buy. Among all sellers, 12 percent wanted to move earlier than they did, but could not because their home was worth less than their mortgage balance. This was most common among sellers 37 to 51 — 21 percent had the situation that they could not sell when they wanted to originally.
The most common type of home purchased continues to be the detached single-family home, which made up 83 percent of all homes purchased compared to 87 percent of buyers 37 to 51 years and only 65 percent for buyers 71 years and older (a decrease from 71 percent last year).
Getting in front of the developing trends could prove to benefit you if you deploy your real estate suaveness! Post more on Social Media and study up on the trendiest youtube videos! Target those buyers and sellers that are making the jump from mom's house and venturing into the world of Real Estate. After all, here in California we have a champagne taste for the most luxurious homes and property types!
Transactions come in all shapes and sizes and so do Millennials. Get prepared to crush it in Q3 and take back your weekends by letting us help! Even though we have a few Millennials on the payroll doesn't mean we're bias :)
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