ver the last 4 years, buyers that are 36 years old or younger (Millennials/Gen Y’ers) are the largest share of home buyers at 34%. 66% of these buyers were also first-time home buyers. This year’s report saw an increased share who purchased in suburban locations and who purchased detached single-family homes. 49% of buyers 36 years and younger now have children under the age of 18 in their home, 66% are married couples, and 13% are unmarried couples (the largest share of all generations). With those numbers, it’s well worth spending some time to learn a bit more about these buyers. You NEED to know what they’re looking for and what’s important to them. We’ve Compiled This List Of The Top 5 Reasons Millennials Are Choosing To Buy: To Have Control over Their living Space – 93% Many Millennials who rent a home or apartment prior to buying their own homes, dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space. Many others who have waited to add a pet to their families daydream about the day that they’ll be able to go pick out their ‘furever’ friend. Owning your own…Read More
Just like our clocks this weekend in the majority of the country, the housing market is preparing to “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market. Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right. Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions. That Hasn’t Happened This Year Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate. The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June. Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months. Bottom Line You need to start educating the buyers and…Read More
Hey, Matt Milia here! I wanted to talk briefly about how you can increase the quality of your real estate data without spending any extra money. One of the things I would pride myself on when I made calls for expireds, I would always start off with, “Hey, I’m looking for the homeowner at 2730 Main Street. Is that you by any chance?” Most cases they’d tell me, “No, you got the wrong number.” Now, if you’re like most agents chances are you give up after that. Nine out of ten agents, generally, inside sales agents, whoever it is, they’re giving up once someone tells them they’ve got the wrong information. One of the key fundamental things that took our business from just setting up a couple of two, three appointments a week to setting double that is when we’re talking with these leads, first thing I ask is, “Hey, I’m looking for the homeowner, 1223 Main Street. Is that you by any chance? Oh, I’ve got the wrong number. Hey, I’m really sorry. I was actually looking for John Smith. Do you happen to know John?” In most cases they know who owns the house, they know the lead, they know the name of the guy. In a lot…Read More