4 things the Real Estate Industry can learn from Millennials

The millennials are growing up. Generation Y’s will start to hit 30 this year and that’s big news for the real estate industry. For the second straight year, this quirky, trendy, techno-savvy, hard-to-pin-down demographic will represent the largest group of home buyers in the United States, representing 32% of all home purchases. 8 years ago they didn’t even warrant a generational nickname, 5 years ago they were all but written off by the real estate industry as renters for life, or worse yet, voted most likely to live in their parents basement…… forever, endlessly searching the internet for the perfect job. Today they represent the lifeblood of the real estate industry, and more importantly the economy that sits squarely upon the mountain of debt that comes from those bankrolled purchases. Huh. So, if they are so crucial to the economy, certainly there are lessons to be learned. And there are. Buying a home is not romantic. The Millennials came into adulthood with the largest college debt load and the worst job market in history. They watched in horror as their parents lost the “American Dream” homes which they had spent their childhoods in, and vowed never to make the same mistakes. As this group has come of age their focus on home ownership has become as sharp as ever with special attention paid to economy and value, not bigger and better as their parents generation espoused. Instead of risky, zero-down, interest up loans, they are focused on saving to make significant down payments and smart business decisions. 38% of millennial buyers say they will delay their wedding in order...
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