Why Are #Millennials so Interested in Buying Homes? Look at the Statistics:
You've got to love #realestate when the stats spell it out for you in real time. The studies are in, and here's how you can tell that either you might be a millennial, or are dealing with a potential buyer who's a millennial —
Expect median income of a millennial home buyer to be around $77,400. That's up from the $76,900 back in 2014. Looking good. Also a millennial apparently will go for a 1,720-square-foot home costing $187,400, which is also up from the $180,900 only a year ago. Prices are going up, their savvy, their desire, and their ambition's going up, too.
And all of this for the one major reason cited by 48% of those millennial buyers (up from 39% a year ago): they just want to own their own homes!
What the Silent Generation REALLY Cares About the Most When Searching for and Buying a Home
The science of #realestate is astonishing, really. Reasons for buying a home differ from group to group, and it can blow anyone's mind — the key to success in this market, though, is pinpointing what people REALLY want —
We have the millennials focused on the neighborhood and proximity to careers while gen-xers focus on school quality. But the silent generation? What do THEY care about?
The studies show in this day and age that even the silent generation's still putting their hats in the real estate game with down payments and escrow solely on the fact that they want to continue being close to family and friends. Plain and simple.
It makes sense given that not always will they have access to friends and family in a retirement home. They still want the freedom. The fun. The happiness. And they get that with the two most important aspects of their lives: family and friends.
Doesn't that make a real estate market feel warm and fuzzy inside? It does for us.
What Should a #Millennial Look for in a Home Buying Prospect? A BABY BOOMER!
Here's the big reason why, actually: these baby boomers basically need to trade down. The house is too big, the kids have moved out, and they're just not able to keep up with the maintenance. 24% of home sellers are some of the older baby boomers out there, so as a rule, if you're looking to buy a house with a bit more space than normal (as most millennials these days want), chances are a baby boomer's got the goods for you!
And don't take it lightly either. A baby boomer wants to move out of #realestate fast, especially since this is a demographic most likely wanting to move the farthest away at a mark of 75 miles, a much larger distance than the overall median distance of 20. Like baby boomers shooting out of a rocket.
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