When you work with a millennial buyer, there are four trends that you need to understand in order to help them reach their real estate goals.
Click Here for Business Coaching or Career Information
1. They love mobility. They are not very loyal in the job market; millennials are constantly looking for their next opportunity, so they move frequently. When you talk to them about purchasing real estate, they don’t want a place where they can live for 10 years and raise a family. Instead, focus on the investment value of the property. Choose homes with good rental histories in high demand areas. That way, when a millennial hops into a new job, they can easily transition that property into a rental property.
2. They really love cities. When millennials move to Park City, focus on high-density areas like Redstone, Lower Pinebrook, and Old Town. Millennials want to be where the action is. They are accustomed to walking everywhere. They don’t like jumping into a car and driving around.
Millennials are not necessarily looking to settle down.
3. They love incentives. Incentives can be hard to come by with our huge resale market, but if you are helping a millennial buy a new construction property, look for builders that offer strong incentives.
4. They tend to have a lot of student loan debt. When you work with buyers in this age group, make sure that they are pre-qualified. There is an income-based repayment program available for millennials to use as well. Who knows what will happen to it under our next president, but for now, the program allows them to rework their loan payments over a longer period of time. That way, they have more disposable income to put toward their mortgage payment.
If you understand these trends, you will be able to help your millennial buyer find the right home. If you have any questions for me, just give me a call or send me an email. I would be happy to help you!
