The homebuyer statistics clearly show millennials out-pacing other generations when it comes to buying a home. The global realty market is keeping an eagle eye on this huge consumer group and expects to see noteworthy changes in statistics pertinent to homebuying, choices and transactions.
The global market is witnessing a shift in paradigm, and the onus lies on the shoulders of the millennials. The industry has clearly said that it is bullish about the housing market because it is bullish about the millennials.
Unlike other generations, millennials are fierce and have an elaborate approach toward understanding and then further nailing the deal.
The generation knows how to strike a balance between the legacy protocols that include accepting the advice of their elders and referring professionals as well as newer techniques like using technology.
The global realty market is witnessing a rise in the number of millennial homebuyers and expects that the market will turn over a new leaf soon.
There are four rock-solid facts that prove that these young real estate enthusiasts are here to stay, and they possess the capability to rule the industry.
1. Millennials braved the recession.
Global recession brings with itself many economic and financial blows, but brave are those who have a strong strategy in-hand and a history of intelligent savings and investments.
The millennial generation has proved itself invincible despite harsh economic blows and displayed a fine sense of investment.
The 2015 National Association of Realtors (NAR) Home Buyer and Seller Generational Trends survey computed generational differences of recent hombuyers and sellers.
According to the survey, the largest group of recent buyers were millennials. The data also indicated that there is an untapped demand for homes among millennials.
2. They prefer real estate over other investment options.
It’s believed that the global realty market is all set to take the world economy by storm. A chief official at NAR confirmed that over 80 percent of millennials believe that real estate is one of the best investment options.
When asked what made them think so; the young crowd showed their deep desire to own a home and bring real estate into their asset portfolio.
The young adults are viewing long-term financial stability through ownership as a wise way to go about. Despite the recession and uncalled yet frequent housing downturn in the market, these young individuals are not afraid to get in the ring, which boosts to the global real estate arena.
3. Millennials are changing the real estate market.
With smartphones, tablets and laptops taking over the pulse of today’s generation, it is the real estate market that has surprisingly shown a great degree of adjustability with the changing trends.
The change has penetrated the industry to an extent that buyers and real estate professionals are also incorporating technology in their procedures.
Applications and software have been designed to automate the legacy systems and thanks to this generation, the rigid industries are now breaking up their walls to pave way for something new.
4. They think differently.
Unlike 30 years ago when home ownership was an experience of a lifetime, the young adults nowadays are adopting the concept of buying and flipping. Our predecessors used to buy a home and live in it until their last breath.
However, the trend is diminishing, and millennials perceive their purchased home as an asset and not a place to live in forever. They are buying a home for a shorter duration and looking at their homes as investments rather than abodes for life.
Another new concept slowly seeping in is to buy a fixer-upper. The young adults are also adopting the rule of buying a home, renovating it and putting that on sale. The process is ever moving with millennials buying homes after a period of time and putting it on sale.
Millennials are giving global realty arena a whole new definition and a good push to the number of transactions done, which is boosting the economy.