The Real Estate Agents at SAGE Realty Explore the Rise in Millennial Home Buyers
With renting becoming more expensive, our real estate agents at SAGE Realty are noticing that Millennials are becoming a big part of the real estate market – last year, they comprised the biggest chunk of homebuyers across the county. Comprising 32% of the market, this group has lead the pack for two years in a row. Growing numbers of real estate agents are beginning to recognize the importance of this segment of the population for the future of the real estate industry and are starting to make an effort to understand the differences between Millennials, Generation X and the Baby Boomers.
Due to the recent trend, Millennials are eventually going to make up a larger portion of the real estate market than baby boomers. However, because they think and act differently than other generations, real estate agents will have to make an effort to adapt to these changes.
- Median Income: $76,900
- Median Down Payment: 7%
- Number Who Used Financing: 97%
A Different Breed
Millennials typically select their real estate agents with their research already done – with a variety of online tools and search options, the younger generation is well equipped to do their own work and have their wants, needs and budget together by the time they meet with a real estate agent. This provides agents plenty of opportunity to reach millennials using modern methods, such as smartphone apps, before they make their purchasing decision. Real estate agents who utilize these methods will have a leg-up on the rest due to their ability to tap into the habits of this rising generation.
Rise in Rent
One of the reasons that millennials are making the move to buy is due to rising rent prices. With the dramatic increases that have taken place recently, this generation is realizing that buying a home makes for a better investment. Many incentives have been put out to entice younger first-time buyers to make the jump, including the 3-percent down payment program introduced by the Federal Housing Finance Agency.
With the rise in rent prices and many policies being introduced to encourage millennials to buy, teh Sage Realty agents know that tapping into this market is extremely important to sustain the future of the real estate market and are well prepared to assist. For more information, give us a call at 610-687-4000 and we will make it happen for you.
Tags: Real estate agents