Millennials and homebuying: Real estate adapts to largest generation
The way real estate is being done changes with the times. The buyers, sellers, markets, financing, and purposes within the process evolve with the times. In extreme times like these, it’s more evident than ever.
Now that Millennials make up almost half of homebuyers (about 43%), we’re seeing them leave their mark on the next phases in real estate. Ranging from their expectations and planned usage to their buying power and how they pay (crypto, anyone?), this latest generation of buyers are better educated about buying, thanks to technology, but they are still facing the same challenges as generations before them: 27% say saving for the down payment is essentially the hardest part of the process for them.
This article from bankrate.com was a great (quick) read with info about, tips for and stats related to millennial homebuyers along with some key ways that they will re-shape real estate’s focus to adapt and cater to them.