February 15, 2020

The Millennial Home Buyers are Coming!!

Although the Millennial home buyer market hasn’t boomed as expected, there’s no reason to think it never will. Whether this market sector explodes dramatically or simply expands gently, growth is definitely on the way.

Millennials represent the largest generation so far. Young adults between 21 and 35 outnumber even the baby boomers. Sooner or later, Millennials will start shopping for starter homes. In the meantime, smart mortgage professionals are busy developing strategies to help first-time home buyers move forward.

What Do Millennials Want?

If you want to pique their interest, you’ll have to see life through Millennial eyes. Many in this generation still live at home and are delaying marriage and family longer than their parents. Over the next ten years, however, Millennials are expected to start catching up.

A striking difference between Millennials and previous generations is that Millennials came of age in an environment where the Internet, Facebook and smartphones were quickly becoming the norm. Many of a Millennial’s interactions and connections are virtual, but that doesn’t make them any less real. The best way to reach young adults today is to make contact online.

Millennials are not inclined to save money. They prefer to spend money now and let the future take care of itself. Many of them grew up watching adults lose their homes during the recession. As a result, they now see home ownership as a burdensome and risky venture. It’s up to mortgage professionals to show them otherwise.

Sell Parents On Home Ownership For Their Kids

Some mortgage professionals are contacting parents of Millenials whose kids still live at home. They are convincing these parents to make their kids pay rent and then deposit it into a savings account that’s earmarked for a down payment on a house.

Educate Millenials About The Current Real Estate Market

Although many Millennials might find it challenging to qualify for a mortgage, it’s still a great time to buy a house. With interest rates at an all-time low, 2020 could be an amazing year for first-time home buyers. When all that stands between a Millennial and home ownership is a three to five percent down payment, the idea of owning a home doesn’t seem like such a big deal after all.

Work The Social Media Angle

Consider hiring or contracting with a tech-savvy social media marketing whiz who understands the Millennial mindset. Millennials tend to trust what they learn online over what they learn offline. Facebook, YouTube and Pinterest can all be used to carry the message that home ownership is a smart investment.

Make Inspiration Part Of Your Marketing Campaign

The young adult home buyer market is out there and can be tapped with marketing campaigns aimed at Millennials. The only requirement is that you have to meet them halfway.

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