How millennials are changing the real estate market
Thanks to millennials, the housing market is on the rise! In fact, 85 percent of millennials view their purchase of a home as an investment that will benefit them financially. While looking to settle down in an affordable and desirable location, these types of properties are in short supply.
So, you may ask, “how are millennials changing real estate?”
Millennial housing trends
On average, 46 percent of millennials live with student loans. As a result, it can be difficult to save enough money for a down payment. While in the past, millennials owned the reputation of living in their parent’s basement we’re now seeing the trend has changed.
Millennials are now furthering their careers and putting money away to afford a home. For most millennial home buyers, buying smaller properties closer to work and urban entertainment is the perfect scenario.
Meanwhile, others are learning how to stretch their money by investing in a fixer-upper kind of home.
Millennial housing trends also show an extensive amount of internet research in all things “home buying.”
Through online research on home loans and down payment money saving tips, potential buyers can be more effective in their house hunting. Moreover, millennials are able to research perspective neighborhoods and schools that best fit their future goals.
With millennials generational use of social media, sharing their home buying experiences with others online is easy! Because of this, it’s also important for real estate agents to maintain a growing presence on social media to keep up with their customers needs.
Millennial home wish list
Millennial first time home buyers are looking to find a homes already equipped with smart-home capabilities. These include features like smart thermostats, security systems and access to light and lock features from a smartphone or tablet. Millennials and smart homes go hand and hand. The added convenience of smart appliances, controlled heating and exterior objects like solar panels, are held to a higher value for millennials then other features.
In the Omaha area, millennials make up 47 percent of those buying homes. On average, first-time homebuyers in Omaha can find more affordable options then one would think! As a matter of fact, in other parts of the United States 30 percent of millennials purchased homes for $300,000 and higher. On that account, it can be difficult for this younger generation to afford newly renovated or built homes that fit within their budget.
In general, millennials and real estate are evolving with time and technology. They are focusing on the quality of their homes and getting their financing in order to afford what they want. In short, there’s no settling when it comes to the millennial generation!
Are you looking to buy your first home? The Fairfield Team can help you find the perfect place to unpack! Send us a message today to start house hunting!
The Fairfield Team is dedicated to providing our homebuyers with the best homes that Omaha has to offer. If you are looking to relocate or buy a new home in the Omaha, contact the Fairfield Team and let us help you find the perfect home this holiday!