• What Realtors Should Know About The Millennial Housing Market What Realtors Should Know About The Millennial Housing Market

    0 comments / Posted on by Steven Rivera

    What Realtors Should Know About The Millennial Housing Market

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

    The millennial generation is considered a little enigmatic in marketing circles, and a considerable amount of research has been conducted to understand how they think, what they buy and how they live. The real estate industry is taking serious notice as well.

    At 75.4 million strong, millennials have now surpassed baby boomers as the largest generation alive, according to the U.S. Census Bureau. However, with 57 being the median age of today’s homeowner, millennials still fall behind boomers when it comes to homeownership.  (Source: Zillow Group Consumer Housing Trends Report 2018)

    So what do shifting tides in real estate’s newest power generation mean for the industry? One thing is certain: Whether buying, renting, or investing in real estate themselves, millennials are a true force in today’s housing market.

    Key Drivers in the Millennial Housing Market

    Jobs

    Though it might seem obvious, proximity to career centers is the first priority of the millennial housing search.

    Recent polls reveal 87% of millennials say career opportunities and ongoing professional growth are important to them. Combine that with another study showing this generation tends to “job-hop,” switching jobs an average of four times in their first 10 years after college (compared to two times for the previous generation), and here you have a group that prefers areas with many employment options.

    Affordability

    Because many in the millennial generation are still paying off student debt and confronted with stiff competition in a low-inventory housing market, affordability is key.

    Of the millennials who are looking to...

    Read more

  • Four Essential Components of a Strong Offer Four Essential Components of a Strong Offer

    1 comment / Posted on by Steven Rivera

    Four Essential Components of a Strong Offer

    If you’re in the process of shopping for a home, you likely want to know how to make your offer stand out from the crowd. We’ve put together four components that you can use to your advantage when putting together a strong offer. Read on to learn how to put together an offer that will undoubtedly capture the sellers’ attention.

    Offer Price

    This is one component of an offer that everyone knows about, even if they’ve never been through the process before. However, as the buyer, it might be less of a big deal than many people make it out to be.

    From the sellers’ perspective, the offer price makes a huge difference. The proceeds that they receive from at settlement are the only benefit that they get from the sale of their home. That money could be what they’re relying on to carry them through retirement or possibly these funds may be needed for the sale of their new home. In either case, it is likely that the sellers have a firm bottom line that they need to meet.

    However, as the buyer, you’re a bit more protected from the impact of a higher offer price. Any increase in price will be rolled into your mortgage and you’ll pay for it over the life of the loan. It will likely only make a small difference in your monthly payment.

    Keep this in mind as you put your offer together. While you ultimately have to be comfortable with the amount you agree...

    If you’re in the process of shopping for a home, you likely want to know how to make your offer stand out from the crowd. We’ve put together four components that you can use to your advantage when putting together a strong offer. Read on to learn how to put together an offer that will undoubtedly capture the sellers’ attention.

    Offer Price

    This is one component of an offer that everyone knows about, even if they’ve never been through the process before. However, as the buyer, it might be less of a big deal than many people make it out to be.

    From the sellers’ perspective, the offer price makes a huge difference. The proceeds that they receive from at settlement are the only benefit that they get from the sale of their home. That money could be what they’re relying on to carry them through retirement or possibly these funds may be needed for the sale of their new home. In either case, it is likely that the sellers have a firm bottom line that they need to meet.

    However, as the buyer, you’re a bit more protected from the impact of a higher offer price. Any increase in price will be rolled into your mortgage and you’ll pay for it over the life of the loan. It will likely only make a small difference in your monthly payment.

    Keep this in mind as you put your offer together. While you ultimately have to be comfortable with the amount you agree...

    Read more

  • House Hunting Can Be Fun House Hunting Can Be Fun

    0 comments / Posted on by Steven Rivera

    House Hunting Can Be Fun

    Associating house hunting with fun can be considered to be an oxymoron but by following a few simple tips to stay organized in the process it can turn out to be a lot of fun. Keeping tabs on the properties you’ve viewed can streamline the process and actually give you enjoyment in one of the most important decisions of your life; your first home purchase.

    List your Must Haves

    As you make your list of must-haves for your property, start with the basics: square footage, bedrooms, bathrooms, storage space, etc. Then expand on your list to include the amenities that you want: a garden, a den, a basement, countertop type, etc. Not only can this list help you stay on track during your house hunting, your real estate agent will use this information to find homes that meet your needs. You can use Pinterest to help you organize notes and photos for the must haves that excite you.

    Browse the Neighborhood

    Once you’ve narrowed down the neighborhood, spend some time checking it out. The only way to know if its the right fit for you would be to take a stroll, spend some time in town and possibly a bite to eat. Go for a walk, talk with the locals, and patronize some of the local stores - that will give you a good feel. A good idea would be to grab some lunch nearby after the open house to get a vibe for the area. Truly immersing yourself in the culture and...

    Associating house hunting with fun can be considered to be an oxymoron but by following a few simple tips to stay organized in the process it can turn out to be a lot of fun. Keeping tabs on the properties you’ve viewed can streamline the process and actually give you enjoyment in one of the most important decisions of your life; your first home purchase.

    List your Must Haves

    As you make your list of must-haves for your property, start with the basics: square footage, bedrooms, bathrooms, storage space, etc. Then expand on your list to include the amenities that you want: a garden, a den, a basement, countertop type, etc. Not only can this list help you stay on track during your house hunting, your real estate agent will use this information to find homes that meet your needs. You can use Pinterest to help you organize notes and photos for the must haves that excite you.

    Browse the Neighborhood

    Once you’ve narrowed down the neighborhood, spend some time checking it out. The only way to know if its the right fit for you would be to take a stroll, spend some time in town and possibly a bite to eat. Go for a walk, talk with the locals, and patronize some of the local stores - that will give you a good feel. A good idea would be to grab some lunch nearby after the open house to get a vibe for the area. Truly immersing yourself in the culture and...

    Read more