If it seems like the real estate world has been talking about millennials for years, it’s because we have. But in 2024, this large generation still makes up a significant portion of first-time homebuyers, even as some of their cohorts are looking to sell for the first time.
Consider this: the typical age of first-time homebuyers nationwide was 35 in 2023. In 2022, it was 36, meaning there are still plenty of millennials buying their first homes. This is why we’re once again focusing our Focus Title blog on catering to this age group. Here’s how to show you’re the right agent for the job.
Be prepared to be a financial guide. With 41% of younger millennials carrying an average student loan debt of $30,000, saving for a home becomes a formidable challenge. On the flip side, family assistance plays a role for many millennial buyers, with 24% receiving gifts or loans from relatives to aid in their home purchase. Be ready to talk about how down payments work and how much is needed (some people still believe the 20% myth.) Plus, you can show them why options they may not have thought about before may make the most financial sense. (New construction properties, we’re looking at you.)
Know how your role changes for this group. Most in this group are digital natives, and their homebuying process likely starts online. They extensively use smartphones and apps to browse listings, compare prices, and gather information. They don’t need Realtors to help them find houses to look at. However, here’s how agents prove their worth. Your clients still need you to be an expert adviser. Be ready to:
- Show and interpret market trends.
- Lead the negotiation process and guide through other parts of the process – including all the paperwork.
- Connect them with the right real estate professionals they need to close the deal right. (Yes, that includes Focus Title as your title company choice.)
- Talk to them about the future benefits of owning a particular property.
- Warn them about wire fraudsters and other cybercriminals who could target their money.
Understand what your clients are looking for. Every buyer is different – we get that, and even millennials of the same age can be at very different stages of life. For example, a family with young children is certainly looking for something different in their home search than a DINK couple. (Dual Income. No Kids.) However, each generation has preferences that prove true more often than not. Here are three of them for millennials.
- A desire for a home that utilizes green technology, a smaller carbon footprint and energy-efficient features, thanks to an interest in sustainable living.
- An amenity-rich and vibrant neighborhood that fits their current stage of life, whether that’s needing good schools, proximity to work, restaurants and other social opportunities or perks for a pet.
- A willingness to consider older homes needing renovations or other upgrades to save money and/or be in the right location.
Our team can’t wait to see all of you around the closing table! After all, all first-time homebuyers – millennial or not – deserve to remember their milestone for all the right reasons, and Focus Title is ready to deliver.