The Millennials Are Coming and They Want to Buy Houses!
Known as the WE Generation – There are 92 Million people born between 1981 and 1999 – They are those of us that are 35 years and younger. This segment of our population is growing faster than any other and by 2020 it is predicted that this generation will occupy over 50% of the overall workforce. The Millennials value individuality, Personal Development & Experiences. In order to successfully work together we need to understand how to communicate with them …. Thanks to macroeconomic forces, like the Great Recession, and technological change, millennials are the most educated, most diverse and most indebted generation in America’s history. They don’t live to work, they work to live. They’re looking to live life, not just climb the corporate ladder. They are influenced by technology, are globally conscious, have goals of building multiple career opportunities and believe their work has meaning. The challenges of owning a home in the current Colorado housing environment are plentiful, but Millennials so in fact want to be homeowners. They may just delay that buying process as other issues present themselves – such as high student debt, lack of inventory, increasing housing prices, inability to save funds for down payment and underemployment. Based on data from Realtor.com, Millennial buyers currently make up about 27% of the buyers in the market at this time. ( 2016 ) Millennials are changing the economics with the “SHARED” concept & sense of community when it comes to their buying habits. Statistics show this group wants to use Realtors and professionals to assist them in the buying process. Friends & mobile media are the “go – to” for this group. Millennials are spending 25 hours plus, a week online. They are sharing, liking, pinning, tweeting, snapping, forwarding, and commenting on all of their findings to impart this sense of community online. Millennials crave interaction and engagement in their lifestyles. Stay in front of them – be where they are, learn the lingo, the new up and coming apps and alternative ways of communication. Don’t be afraid to try something new to reach them, find a niche and think outside the box. You’ll be happy you did and maybe even find yourself tweeting and sharing and liking along the way!
Cheryl Braunschweiger VP Branch Manager, Nova Home Loans 720-480-7792 Cheryl.Braunschweiger@NovaHomeLoans.com