Tips for Millennial Buyers
What do people say about millennials? They don’t have yards or kids, but what do they have? Generally speaking they probably have dreams of an urban, walkable lifestyle, student debt and more than a few hesitations about home buying. Consumer branding managers the world over love them, and guess what, so do REALTORS®! Ask almost any REALTOR® what they enjoy most about their job and they will tell you nearly nothing beats the feeling of helping someone buy their first home. So what have REALTORS® observed about millennials and what advice do they have?
Indy REALTOR® Sue Applegate has noticed a few things, stating, “Millennials are savvy. They have done their online homework. Not only do they usually already know the neighborhood they want, they have looked at current listings and know quite a bit about pricing.” She added, “They also always bring a friend or parent along. Not for investment purposes, but just for that extra set of eyes.”
She also recently noticed a coincidence among two different clients who she happened to be working with around the same time – they each sought doubles with the hope of living in one side and gaining rental income on the other. Applegate commented, “They weren’t shy about investing.”
Local REALTORS® suggest:
- Get a handle on student debt. Know what you owe and have a plan for paying it off
- Make sure your credit is in good shape, and that your credit report is accurate. Correct any mistakes
- Get pre-qualified for a loan before you start house shopping. Nothing is more disappointing than getting your heart set on a home outside of your purchasing ability
- Ask your REALTOR® for observations about the market. Are prices going up or down? what areas are growing?
- Make an honest list of wants vs. needs
- Don’t rely solely on online data about pricing and inventory. Ask your REALTOR® to interpret or clarify anything you read online
Applegate’s number one piece of advice – ask lots of questions. “Buying a home includes many, many steps. More than ever, in fact. Make sure you ask questions every step of the way so you feel comfortable with the process.”