It’s 2019 and more and more millennials are pursuing homeownership now more than ever before. The national homeownership rate rose to 64.4 percent in the third quarter of last year, an increase of half a percentage point over a year ago, according to the U.S. Census Bureau. That’s largely attributed to the rise in new, first-time home buyers and is expected to grow more this year.
So here are the top 3 trends to expect from this generation of buyers this year.
1. Increased Competition from Baby Boomers for Properties
As millennials age and grow in their careers, they are acquiring more purchase power. According to the 2018 National Association of REALTORS® Home Buyer and Seller Generational Trends Report, 30 percent of millennials purchased homes for $300,000 and higher in the past year, up from 14 percent in 2013. That means millennials and boomers are going head-to-head for the same homes today. That trend is only going to continue to grow in 2019.
2. Well-Researched and Prepared Clients
Millennial buyers are doing their online research and are entering the market well-prepared. Show your value as Realtors in other ways. They are no longer relying on real estate professionals to introduce them to homes, since most of which they can find online, but instead expect Realtors to show them what can’t be researched: neighborhoods that are up and coming, which properties stand to gain value in the coming years, and guidance when it comes to negotiations and inspections.
3. Social Media’s Continued Impact
Social media will continue to influence millennials’ home buying habits, especially since this generation relies heavily on online reviews and social media presence to make purchasing decisions. A strong online reputation for real estate professionals is a must in catering to this market. Showcasing homes on social media particularly Instagram is essential for appealing to millennial clients.
Do you think you can keep up with these millenial trends? If not, why not a hire a Summit Virtual Assistant to do all of that for you and even help out with transaction coordination, database management, cold calling and so much more especially when your Virtual Assistant is Real Estate Trained, College Educated, Background checked and a DISC tested professional such as Virtual Assistants from Summit VA Solutions!
Writer: Shaura Cuyan Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions. She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters majoring in Development Communication.