Those invested in the real estate market know that now is a tremendous time to sell, especially since there is an extremely high demand for homes. What you may not know is that millennials are one of the largest groups looking for homes right now. As mortgage rates continue to dip lower and lower, many millennials are prepared for a competitive market and potential bidding wars.
Today’s Home Buyer: The Millennial
The COVID-19 pandemic and subsequent stay-at-home orders have allowed potential buyers to save up for a higher down payment. Many millennials are also willing to ask for financial assistance from family members to move up their home buying timeline. Competitive mortgage rates, access to virtual tours, and the desire for more space within a safer neighborhood are some of the main reasons why the millennial generation is one of the largest populations currently searching for a home.
Who is buying?
As a seller or a buyer trying to determine who else is in competition for a new home, you may be wondering… what does the current demographic of buyers look like? Currently, the biggest generation seeking out a home is the millennial population. Millennials are defined as those who were born between 1981 and 1997, and they’ve been the driving buying force in the real estate market for some time now.
The COVID-19 pandemic has pushed even more millennials to purchase homes right now. Having the flexibility to work remotely and save up money for a down payment due to stay-at-home orders has allowed many first-timers to buy a home sooner than planned. Saving up additional money for a down payment is one of the toughest parts of buying a home. Overcoming this and having the capacity to take out a larger home loan has put millennials in a better position to buy a home.
How virtual tours are changing the way buyers view homes
Millennials are on the hunt for the perfect home, and they aren’t afraid of a challenge. Many are prepared for the competition that is prevalent in today’s market. Due to the stay-at-home orders and quarantines that have been in effect, buyers can move up their home buying timeline. This is great news for sellers, as it’s a perfect time to list your home!
Millennials are utilizing virtual home search opportunities during the COVID-19 pandemic more than ever before. Virtual showings are becoming a popular occurrence—potential buyers can now call the agent via Zoom or FaceTime while the agent walks through the home and points out various features. Many buyers are also driving by homes on the market to check out the neighborhood and ensure it will be a good fit. All of these options can lead to buyers being more selective about the homes they do decide to tour. This, in turn, can decrease the amount of time a home is on the market, as buyers are not touring the homes they do not like.
What are millennials looking for?
Wondering what millennials are looking for in a home? According to research done by Realtor.com, many are in search of reasonable home prices. The largest percentage of buyers are looking for an entry-level home at or below $350,000.
Millennials are eager to take advantage of record-low interest rates and want to move to a safer neighborhood that will give them the option to spend time outdoors. Research has shown that millennials are wanting to stay close to their current city, but are interested in moving to the suburbs. Some are even willing to move within the state as work begins to become more remote.
Sellers, Now Is the Time to List Your Homes!
If you’re on the fence about listing your home, now is the best time to do so… especially if you want to appeal to millennial buyers! Have any questions about selling right now? Do not hesitate to reach out to Ann Milton Realty today. We are here to help you sell your home and find the next perfect one for you!