What’s Delaying Home Buyers?

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Photo Source: Instagram via @homebunch

Millennials are the one generation with student loans as the number one expense delaying saving for a home purchase, followed by credit cards and car loans. Those aged 53 and older had an “other” expense as the top delay, as in not student loans, credit cards, car loans, child care, or health care.

Kids’ opinions matter when buying a home and what do they want? Their own bedroom, a big backyard, to be close to parks, and near their friends and school. Parents on the other hand are more specific about a backyard with a patio and a privacy fence, and prefer a big interior layout.

“All Digital” mortgage experiences have made headlines multiple times over the last year and we’ve read the articles recommending using digital sources to only enhance the process not replace it, but what do we know about direct mail and millennials? Surprisingly, millennials spend more time than any other generation going through their mail. In fact, 54 percent said “businesses in their neighborhood need to do a better job of using mail to keep them informed.” Another fun fact: 57 percent homeowners fully “applied for and completed” their mortgage in person. Seems people like that human touch.

If you’re looking to invest in real estate by flipping homes, like everything else real estate it’s locational. It also helps to know the industry. Pennsylvania might be the place to be for home flippers—the average house flip brings a 162.4 percent ROI, nets owners more than $105K in profits, and takes about 199 days to complete. That’s insane. Colorado, Maryland, Tennessee, and Florida also make the top list.

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