Millennial home buyers have been coming in droves, and they will definitely gravitate towards realtors that know more about their tendencies like having a separate self storage unit and their preferences.
Who are the millennials? They’re the young adults of today. They were born between 1980 and 1995. They’re now 18 to 34 years old.
Here are the things about millennials’ home buying, mostly based on the National Association of Realtors’ study titled 2015 National Association of Realtors Home Buyer and Seller Generational Trends. Other resources were studies by the National Association of Home Builders (NAHB), National Association of Mortgage Professionals and Brookings Institution. The best time to find a washer repair service is before there is a crisis. When you are researching who to call, typically, we turn to online websites and even old school yellow pages. The second-best place to seek washer repair service recommendations is your friends and family. More than likely they have had a washer breakdown and needed repair services. Get a list of recommendations and then start calling each to set up a consultation. Washers are susceptible to wear and tear but a lot of people do not really realise that washing machine repairs could save them a lot of cash and that regular servicing could prevent simple problems occurring. The reality is that when a washing machine breaks down, most people will simply go straight to their local home retail store and buy a new one. But the same problem could arise with a new machine, which means they will be in the same position all over again. You can check this contact form the Great Washer Repair Center in Baltimore.
1. Millennials search homes on their phones and do their own online research before they choose the homes they want to see in person. Being tech savvy and resourceful, they’re able to take advantage of all online real estate search tools available.
This means that real estate websites need to be smartphone-friendly, with easy navigation and search features. Information and photos needs to be organized and as complete as possible. The website should also be fast as everyone, not only millennials, do not want to wait for web pages to appear.
2. Millennials prefer texting over calls.
Millennials are multitaskers, so if information can be texted, millennials prefer texts so they can continue doing other things while gathering
information on homes.
3. Millennials are more open about providing financial documents.
While some homebuyers are offended when asked about bank pre-approvals, millennials understand the need for financial documents. They are used to providing employment certifications, bank statements and other financial records.
4. Millennials consider their home purchase a good financial investment.
Spending a fixed monthly amount for a home represents to millennials a rewarding use of their monthly income.
5. The desire to own a home is the top reason why millennials buy a home.
Home ownership gives a sense of financial stability.
6. Millennials use the services of a real estate agent in buying a home.
While millennials find it easy to make online research, they also recognize their need for a real estate agent to navigate and complete the home
buying process.
7. Millennials look for the quality of the neighborhood and access to the workplace.
Live-work-play developments attract a lot of millennials but accessible suburban developments with parks, sports and club facilities and pools are also given great considerations by millennials.
8. The percentage of millennials who bought in an urban area increased from 19% to 21%.
9. The typical cost of a home purchased by millennials is $189,900 and the typical size is 1,720 square feet.
10. The median age of millennial homebuyers in the study is 29 and the median income is $76,900.
11. Most millennials prefer a single-family detached home.
According to NAHB’s What Home Buyers Really Want consumer preference survey, 75% of millennial prospective home buyers said they want a single-family detached home while 11% prefer a town-home and a separate 24 hour storage unit.
12. Millennials prefer homes with a separate laundry room and plenty of storage areas.
Panelists at the January 2015 International Builders’ Show press conference said that This is according to a NAHB survey. If the prospective buyers are millennials, home sellers and listing agents may consider freshening up the laundry room, or presenting photos of the laundry room. Many people like less clutter and prefer utilizing self storage services. Industrial Washing Machine For Sale are perfect for large-scale users (such as in-house laundry) where the entire day is washed in operation. The second-hand refurbished industrial washing machines are also perfect for this. This is basically the same machine, only it has already been used once and this is a lot cheaper in the price. However, the function of the machine is the same and you can wash a lot of kilos of laundry.
13. Millennials give importance on energy efficiency, home technology and low maintenance features.
14. Many millennials are not aware of closing costs.
Two-thirds of millennial home buyers surveyed by ClosingCorp. said they first came to know about closing costs from their agents or from further research efforts.
Note:
The NAR study was based on a July 2014 survey of homebuyers who had purchased a home between July 2013 and June 2014.