The Impact of Millennials on the Housing Market

housing market

The millennial generation (people between the ages of 18 and 36) is finally entering the housing market, and realtors and mortgage brokers are starting to pay more attention to this developing niche. Down payments are low, mortgage rates are falling in the mid to 3% territory, and the market conditions are ideal for this generation. In fact, rent is skyrocketing and monthly mortgage payments are comparatively affordable.

National Real Estate broker Redfin declares that these first-time buyers made up more than half of its home tours conducted by its agents mid-month. Real estate and mortgage specialists are gaining clients from this demographic, and here’s how.

Characteristics of the Millennial Generation 

People currently in their 20’s and 30’s are moving more slowly towards major life changes. This includes studying in school longer, spending more time living with family, and entering the housing market at a later age. Those currently looking for a home are likely first-time buyers.

Because house-buyers from the millennial generation were raised in the Great Recession, they tend to value financial status less than members of other generations. Larger, showier homes aren’t likely to impress them as much as a inviting but modest dwell.

Catering to an Information Era

The millennial generation is highly educated, and they are almost guaranteed to do their homework to find the perfect real estate or mortgage company to do business with. By the time a member of the millennial generation has contacted a company, she has probably investigated the company’s website, social media profiles, and online reviews.

To attract this growing pool of buyers, realtors and mortgage brokers are changing their online marketing tactics. Since a website only has a few seconds to lure a client in, successful companies are capturing readers’ interests with an attractive design, links to social media and online reviews, and content that is engaging yet concise.

Custom Service

Clients from the millennial generation value companies that treat them to a custom experience. Since they are one of the most diverse generations in American history, they want to be treated as such. They trust realtors and mortgage brokers that are able to get back in touch quickly, and who treat them as an individual.

Social Media Presence

An SDL marketing service determined that five out of six people connect with companies via social media. Remaining active on a social media account is imperative for attracting customers from 18 to 36 years old. Leading mortgage brokers and realtors are replying to client messages and “liking” customer comments.

Most of the content that is discovered over the internet happens through social media. There is a monstrous view difference between content that is discovered by happenstance and content that is shared with hundreds of people, several times over. Real estate and mortgage companies are creating curiosity-provoking, innovative, shareable content to travel through the realm of social media.

Sources

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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