MILLENNIAL HOME BUYING TRENDS The landscape of buying a home is something that is ever-changing. One age group that is steadily reshaping this landscape is millennials. Born between 1981 and around 1996, millennials make up 38% of homebuyers, according to a report done by the National Association of Realtors. After the financial crisis interrupted the plans of many, this generation is now taking the housing market by storm as they begin to settle down and have families. According to a Real Estate in a Digital Age report, 99% of millennials start their home search online and 58% found their current home on a mobile device. Many also opt to utilize a realtor to make the process run as smoothly as possible. We spoke to three recent millennial homebuyers who worked with India Hall, The Ultimate Realtor®. Article By Lauryn Forbes
Domino.com polled first-time Millennial buyers to see which features they could live without if it means a better deal.
“Pass on the Personal Backyard or Balcony It turns out that while mowing the lawn and waving to the neighbors looks nice in films, it’s something buyers are readily leaving behind to fully commit to investing in a place. More than half of those polled said they’d give up a private yard or outdoor space in order to buy within their budget. Another plus: Ditching the outdoors can help narrow your search.
You Don’t Need a New Build In the survey, participants were asked a series of questions in two waves, once in April and again in October. Over those six months, people let go the idea of a shiny new house and embraced finding an older one with character—to the tune of a 12 percent increase in responses to the polls.
Consider Moving Farther Than Across Town You’re about to buy a building! Go big or go home—literally. If you’re willing to shake up your entire life by taking on a mortgage, it might also be worth relocating to a new city. With remote working as the new standard, you don’t need to pay Manhattan rent when you can dial into a Zoom call from Philadelphia instead. Per the report, nearly half of participants agreed, with 41 percent listing transitioning to a more rural area or a new destination as a fair trade-off—a notion that then increased to 46 percent in the second wave of the survey. If there’s any kind of silver lining to the past year, it’s that new owners can catch a place they really want to buy rather than squeezing a small starter option for everything it’s got.” 14
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March 2021
