Right instantly may appear to be one of the worst possible times for millennials to invest in their first-ever homes. And still, the real estate market is growing for millennials. According to Housing Market Predictions, millennials will hold the largest percentage of home buyers this year. This should not look too surprising, as the millennial age group is currently the most comprehensive generation within the American population — except that millennials are disgraceful for preferring renting over buying.
According to this recent data, securing first-time homebuyers in the millennial generation should be at the top of a real estate agent’s preference list. Here are some tips to help millennial first-time homebuyers complete a successful purchase that they feel good about.
Make everything a buyer requires to make a choice accessible online
Covid-19 is only expediting some of the existing macro trends in real estates, such as the importance of pursuing the housing market online. In 2018, statistics discovered that, according to the National Association of Realtors, 51% of consumers now find their homes online. This is now more valuable than ever in COVID-19 times when buyers are reluctant about reaching with a real estate agent to travel a home in-person, and open houses are not as expected.
This includes taking advantage of virtual tour 3D functionalities, which enable millennials to tour from their homes’ convenience or share the experience with out-of-town family members and friends. This is important because over 25 percent of millennials still obtain financial support in home-buying from their family.
Give hand-holding support to anxious first-time buyers
Many of these first-time buyers do not fully understand the home buying process and drive some anxiety or instability. The more you and your firm can provide support and knowledge and support to walk them through the process, the more likely they will complete their purchase. Evaluate the potential obstacles to entry that first-time buyers might face when beginning this process and see how you can help them learn what they need to know to make everything go more smoothly.
Seek to understand the buyer’s values
One of the focus features of the millennial generation is their importance on values. Values are what make them more likely to buy from specific brands or to work for individual companies. They confront something and want their purchasing dollar to exhibit the same. These values will be unsuitable for millennials, with one regularly given amount of experience. So, millennials tend to want walkability (how far to their new favorite neighborhood coffee shop?) and proximity to things to do and experience.
These values can provoke emotions, so knowing what matters most to a buyer behind what they need from the original house can help the sales process develop more efficiently. For example, a wonderful new home in the areas may have the white granite countertops and the recreation space on the back patio, but that may not stir enthusiasm and compliance to buy in a millennial customer in the likewise way home close to a weekend farmer’s market or a biking path might. Get to know each buyer and discover methods to incorporate their values into the properties you show them. Of course, these values are changing with the times. But, that does not expect all millennials will do what you wish them to. Their distinction is what makes them, well, millennials. Allocate time with each new client to look for indicators of these preferences.