Blogcast
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM) North American (US Mid-Atlantic)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
you're listening to the bank marketing blog cast brought to you by Mavis agency. nine Facts. You don't know about millennial homebuyers much is made about how millennials are so different from the preceding generations. It seems a new article is posted each day decrying their responsibility in killing a longstanding industry. So much so. Business insider has a list of industrial homicides the generation is committed including Applebee's real estate, big napkin and beer one is left to wonder will they kill again? We have good news for all the mortgage lenders. Banks and realtors listening in millennials, much like each generation before them prefer to live in houses. Here are some facts. You might not know about them though. One millennials comprise the largest group of homebuyers. While many financial and real estate industry mouthpieces have made assumptions about millennials lack of participation in the economy. The generation has quietly overtaken generation X. As the largest group of homebuyers Software company, Ellie Mae reported 45% of homebuyers in January of 2017 were millennials and the National Association of Realtors reported people 36 years of age and younger have made up the largest share of home buyers for the past four years. It's worth noting that millennials outnumber generation X by 11 million according to the U. S. Department of Health and human services, the size of the generation matters. Two most millennials haven't reached home buying age May be more shocking than the realization that millennials are the largest group of homebuyers is the fact that most millennials haven't even reached. The median age for first time home buyers for the past four decades, the median first time home buyer has been around 31 years old. Older generations can complain about millennials inability to grow up and move out all they want. But the fact remains that two thirds of millennials haven't reached the age when most in generation X bought their first home three, a growing market. As these millennials age into home buying age, how will it impact the market? Well, Harvard's joint center for housing studies predicts, millennials will form 20 million new households in the next seven years. That is a marketplace. You'll want to be sure to compete in lenders would be ill advised to overlook the youngest generation when it comes to marketing their services. Not only should they be respected, they should be sought after For millennials are renting longer, but not much. We assume millennials are only renting and not committing to buying a home. The average length of time that someone rents before buying their first home actually hasn't changed much over the years. According to a recent Zillow report on first time homebuyers millennials renting their residences are doing so for a median of six years before making a home purchase. That's only one year longer on average than in 1980 when first time homebuyers rented a median of five years before making their first home purchase. Five ownership means control to a majority of millennials. Whether renters or homeowners owning a home means more control and more security, according to Fannie Mae. In fact, half of new homeowners stated having a place to call their own as their primary reason for purchase. According to the National Association of Realtors six, they're buying homes for their dogs Surprisingly a leading reason for millennials to buy a home is to provide their dog with a spacious backyard. A recent survey from Harris poll and suntrust mortgage found 33% of millennials who bought homes did so because of their dogs. More than 25% said they moved because of marriage And 19% moved because of the birth of a child. Seven help wanted Most millennials are uninterested in diving into the home buying process alone. The overwhelming majority, 92% enlisted the help of a realtor in purchasing their home and most of those who used an agent, 52% found the agent through a referral from a friend or family member. No other generational group relied as heavy on word of mouth eight online isn't an option. It's key. Virtually every millennial who bought a home in 2017 1st shopped online, and 58% of them used a mobile app or device to find their realtor to this means realtors and lenders need to be ready to advertise online and on mobile nine, they're not as different as you think. As strange as millennials seem to older generations when it comes to home buying, they're not that much different. The majority of millennials buying homes are married couples seeking a home in the suburbs. More than a quarter purchased their home in 2017 because of a life change like getting married or the birth of a child. Of those millennials who purchased homes recently, 2/3 prioritized neighborhood quality and proximity to their workplace. three Takeaways. 1. Yes, they go online. Millennials almost as a rule, go online first whether they're shopping for clothes or a house. This generation researches online before pursuing a purchase in person. You must not only have an online presence but your online experience better be great without complete listing information, helpful guides and good photography. You'll be overlooked too be used to hand holding. Millennials are just now aging into prime home buying years, meaning this is going to be a first time experience for most of them, you have a **** of an opportunity to be the first person to help a millennial buy a home and build lasting relationships in the process. Three personalize your service. Millennials. After going online, most often contact a realtor for help. This is a generation that expects quality personal service, so be ready to interact with them. They expect an authentic hands on experience. It's easy to make assumptions about millennials or pile on with other accusers, but millennials are only going to command more of the marketplace is buying power in the coming decades. It's time for marketers and lenders to stop treating millennials like a fun new demographic and start seeking to understand the generation Information in this blog cast is, according to the National Association of Realtors, home buyer and seller. Generational Trends. Report in 2017, unless otherwise noted, You've been listening to the bank marketing blog cast brought to you by Mavis Agency. Check us out online at Mavis Agency dot com.