Millennials accounted for 36% of all home purchases over the last year. However, low inventory is creating a lot of competition and, coupled with rising home prices, many potential millennial homebuyers remain living with their parents as they frustratingly, actively search for a home. Millennials were most likely to use a real estate agent when purchasing a home, with 90% reporting having done so. However, regardless of age, all generations were mostly using an agent to either help purchase or help sell a home. In today’s fast-paced and competitive market, using a real estate agent can be very beneficial.
More fun facts on millennial homebuyers:
- The median move was only 10 miles away.
- Only 43% found virtual tours to be “very useful” in their home search.
- The expected length of time to stay in the home they bought is only 10 years.
- Older generations are more likely than millennials to turn to the internet as the first step in the homebuying process.
Who doesn’t love nice greenery to liven up some space? Well, millennials most definitely do and agents know it, jumping on the trend. Real estate developers are using plant staging and showcasing access to “green space” to draw in more buyers, particularly wellness-minded millennials.
CoreLogic’s Loan Performance Insights for December 2017 was released yesterday and showed a slight increase in loans 30 days or more past due and in seriously delinquent loans. However, it should be noted these can attributed to the natural disasters—in Florida, Texas, and California—we saw in early fall. Only five states did not see a decline in delinquencies; Alaska and North Dakota remained stable. Therefore, overall, delinquency rates actually improved.
Builder Confidence for newly built single-family housing remained strong in March with a reading of 70, fueled by housing demand and confidence in the market but builders are struggling to find buildable lots, limiting their ability to meet the demand. Still, thanks to “a strong labor market, rising incomes, and a growing economy” boosting demand despite rising interest rates, we should see single-family housing continue to make gains.