Why Aren’t Millennials Buying Homes More Frequently?

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Selling a home? Click here for a FREE Home Value Report

One thing we know for certain about the real estate market is that it is never going to stay the same for long. Today we want to talk about an interesting trend we’ve noticed in real estate: millennials are waiting longer to purchase their first homes than their parents did.
 
The typical first-time buyer now rents for an average of 6 years before buying a home, which is up from 2.6 years in the early 1970’s, according to Zillow.

  
We came across a great video on the topic from CNBC. To save you some time, I will give you my three biggest takeaways from the video.

1. Down payments are a huge factor
Renters in today’s market are struggling to save for down payments and qualify for mortgages. Most first-time buyers still depend on personal savings for at least some of their down payments, but rising rental prices have complicated the task of socking away money for a down payment.

2. Rising rental rates are complicating things as well 
Rental rates are causing 46% of renters aged 25-354, to spend more than 30 percent of their incomes on rent, up from 40 percent a decade earlier.

3. Job security is important to millennial buyers 
The Money Source, a mortgage lender, examined applications from 5,404 millennial buyers and found that these buyers averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability is to a younger generation.

Thanks for joining me today. Talk to you soon!

What's the Secret to a Successful Home Sale?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

Today, I want to briefly discuss the six steps you need to take to have a successful home sale. A successful sale, to me, is when my seller gets to closing on time. Additionally, it's when a client experiences a worry-free, smooth transaction and arrive at the settlement table getting the most money for their property that the market will allow. It's not simply about getting the property sold, it's about helping you experience a successful sale! I make this happen by completing the following steps:

1. Show and teach the seller how to enhance the buyer appeal so it sells for more money.

2. Help them select the very best list price so they never underprice and give their savings away, or overprice it and scare potential buyers away.

3. Bring sellers total market exposure with a coordinated, three-pronged marketing approach. This will create more buyer flow.

4. Make sure their transaction is worry-free with a transaction management system, weekly communication, and a callback policy.

5. Bring a quality company with me that helps ensure you obtain the highest level of quality service.

6. Fulfill the role of being your trusted advisor. I never play the numbers - I'm a full-time professional who cares about creating a successful sale!

If you have any questions about how we can help you maximize your home sale, don't hesitate to reach out to us. We're always available to help you accomplish your real estate goals!

Grow Your Business with Key Realty

Build Your Real Estate Business with Key Realty

Just over twenty years ago, I was sitting right where you are today: looking for something more. More income, more time, more freedom - more out of life.

What I found was a career that would not only bring me these things, but give thousands of other people the same opportunity. I started a journey that would lead me to the greatest company and the greatest income opportunities available today: Key Realty.

A pioneering Realtor and business owner, Dennis Degnan, had already been working for decades on building the best real estate company.

When people are asked if they could start over in life, would they do it differently, the majority of people say yes. They would spend more quality time with their family, go on more vacations, and own their own business. The only thing that matters at Key Realty is your desire to be successful.

We can show you exactly what you need to do to achieve your goals. We have an entire system in place to give you all the tools and support you need in order to be successful. We have part-time and full-time income available, and you can be part of our Multi-Million Dollar club!

Stop listening to the doubters. Now is the time to reach your dreams and build your wealth, and this is the company that can help you achieve your goals.

Take the first step and give me a call or send me an email. I look forward to hearing from you!