Millennials — love them, hate them, they’re just another generation of people with a label. Whatever your perceptions may be of those born from 1981–1997, keep in mind that they might be misperceptions when it comes to this generation and home buying. That’s right, millennials are growing up and settling down, despite what you might have heard about their living preferences. Below are a few of the common things people mistakenly believe about millennials and home buying.
They’re Not Purchasing Homes At All
Many older generations believe that millennials have shown little interest in homeownership, while the statistics are saying otherwise. In fact, millennials make up approximately one-third of homebuyers today. That being said, home buying for this generation is happening at a slower pace, as many believe it is something they won’t be able to afford until later on (after student loans are paid and a better income is secured).
They’re Not Ready to Commit to a Property
As said above, they’re buying… thus committing. Millennials face the misconception of not being able to settle down or come to a decision on most things, a home being one of them.
Homeownership is a big decision and millennials have so many resources at their fingertips. You can bet that they’ll be utilizing them all. Your online reputation is of the utmost importance, as this generation will be doing their research and listening to what other people have to say.
They Won’t Be Loyal to You As a Realtor
While millennials have grown up in the age of endless opportunities at their fingertips, this doesn’t mean that they’ll betray a realtor during the home search. Millennials are very talented at leveraging their options, so make it no question — be the best realtor for them, and they should show their loyalty to you.
Some Facts About Home-Buying Millennials in 2017
1. As a generation, they need to learn more about down payment options. Many believe that they won’t be able to afford a home, but there are plans that could make homeownership something they see as possible.
2. The median age for first-time home buyers has remained the same for 40 years. It’s current at 31 years of age — two-thirds of millennials haven’t reached that age yet. Remember, many of them are still very young.
3. Millennials are renting for an average of six years before buying a home.
4. Approximately 38% of millennials are currently homeowners.
5. Millennials are showing a great deal of interest in buying a home and still view it as a part of the American dream, so don’t discount this generation. They’ll be making an impact on the market soon enough.