What Realtors need to know about Millennials
8 Oct 2018
And what mortgage lenders should tell them
FACT: Nearly half of Millennials (now between the ages of 20 and 37) live in suburbs.
FACT: New Home Inventory is low… very low. However, builders are trying to find a way to increase construction of new, entry-level homes to accommodate the growing need. This is good news as would-be buyers have been frustrated in their search for a home that meets their needs – and their budget.
FACT: A large portion of Millennials – slightly less than half – are already purchasing their second or third homes. (Wow!)
Working with Millennial buyers
First, communication is key.
Millennials are well connected and have a large network. Their neighbor, relative or friend of a friend likely knows (or is) a real estate agent.
However, they value key components and are not as likely to simply accept a referral without doing their research.