Millennials are growing up, settling down and entering the housing market even stronger in 2018.
This demographic is reaching that sweet-spot age for first-time buyers, which have historically remained around 30-31 years old. They are paying off student loan debt and they’ve become comfortable with the national increase in cost of living. All of which puts the group at an ideal spot for buying their first homes.
In the past, millennials were the largest group of home buyers at a whopping 34 percent for the fourth consecutive year, according to NAR’s 2017 Home Buyer and Seller Generational Trends study. This is compared to the baby boomers at 30 percent of buyers.
While millennials enter the housing market at full force, real estate agents can expect to see certain trends tailored to their buyer preferences. New technology and energy efficient homes are on the radar for 2018, both aspects being pushed by the younger generations.
Millennials also rely on customer reviews more than any generation and take project research very seriously. Searching the internet for homes has become extremely popular among this age group, as 99 percent of millennial buyers searched online while looking for a home in 2017 and 58 percent actually found the home they ended up purchasing on their mobile devices.
Another big takeaway from millennials entering the housing market is that they do not view homeownership as something permanent. The average number of years a millennial buyer will keep his or his home before selling is six, compared to the rest of buyers at 10 years.
When it comes to home ownership, customer service is our main focus so millenials we welcome the opportunity to serve you well! Please give Steve and Tonja Doty a call at 865-599-7967 to get a game plan for your home purchase in 2018!