By Monique Miles - Alston (Realtor with Coldwell Banker King Thompson)
Ok, so everywhere I look I see articles about Millennials and real estate. In every meeting I hear the term, "Millennial", used when discussing real estate and marketing. In many cases its used to describe a population of people who seem foreign and confusing to the rest of the greater population. Often Millennials are described as this very confusing generation of people who unlike any past generations; are super unpredictable but will create a MAJOR disruption to our economy once they leave their small one bedroom apartments they have been living in since their days of college.
I have to be honest and say that it makes me incredibly uncomfortable to sit through Real Estate trainings or even conversations where others discuss "Millennials". You want to why.... it's because I AM A MILLENNIAL!!! I know right, shocking!! I don't want to say I feel offended, but rather it is incredibly difficult to often hold in laughter as I hear people describe ways to reach us. They describe us as these; Wanderlust, Starbucks drinking, future delayed individuals who only communicate through social media and refuse to read emails. Ok, ok, maybe some of that is true as I sip my Tall Blonde Latte from Starbucks, but that's beside the point.
However, when it comes to Real Estate and the purchase of our first home, we have been in ZERO rush. I mean ZERO. However, we are getting old now so we are realizing that it's time to grow-up just a little. We have saved enough money from living in our small apartment, with $600 per month rent, and have finally looked up and realized that the new promotion in our second job has given us a new tax bracket and a significantly larger savings account balance.
With the start of 2020 underway, Millennials are forecasted to buy the bulk of real estate in the U.S., according to Realtor.com’s “2020 Housing Market Predictions.” This projection is based on the projected forecast trending from last year Spring's numbers which showed a unprecedented 50% increase to new home loans opened by Millennials. This significant increase even surpassed the totals of both Generation X and Baby Boomers who purchased 32% and 17% respectively in last Spring's real estate purchase numbers.
To date, Millennials currently make up the largest generation in the U.S., according to Pew Research. The bulk of the Millennial generation will be turning 30 this year which begins that thoughts of family building and stability. Right now, there are nearly 4.8 million Millennials who will be turning to this milestone age of 30 this year. With thoughts of marriage and family leading to changes in financial goals to include the purchase of a home, now it's time to begin that home search.
In addition to this shift, Millennials are moving from their downtown condos to larger suburban homes. Across the nation there are some challenges with low inventory numbers which leans the Millennial population into having to be more open minded as they embark on their search.
If you are like me and you are a Millennial :). Here are some quick tips to get you geared up for your search:
1) Get pre-approved with a lender. Try to work with your local bank or credit union as a start. If you would like to explore other options, reach out to a Realtor like myself and we can get you linked in with our local lender partners.
2) Find a local Realtor. I know, I know, there is always Zillow. However, you want someone who can guide your from start to finish in this process and act quickly on your behalf to get you in line for the best deal on your dream home. Also, we ARE FREE!!! You don't even have to pay us to help you!
3) Be Patient. Trust the process. It may take longer to find your dream home but trust YOU WILL FIND ONE!!!
So, fellow Millennials, get excited 2020 is hear and let's get that new home!!