As a Real Estate Virtual Assistant, it's very important to keep up on the latest news and check in on social media. As a result, I recently read an interesting article that showed up in my LinkedIn newsfeed, courtesy of Pulse. The piece was written by a father, who was trying to convince his late-twentysomething daughter and her husband that now was the ideal time to buy a house. He didn't understand their hesitation at home buying, and made some remarks as to the generation gap and how much things had changed since he was a twentysomething versus his daughter. The Millenial generation (typically considered as having birth years in the early 1980s through the early 2000s) has successfully baffled many older generations due to their longer delays in typical adult rites of passage, such as marriage, having children and, yes, purchasing a home.
While the majority of Millenials have so far tended to stay at home or rent for longer periods of time, as a Millenial myself, I can attribute much of this hesitance to economic factors - The housing market and banking crashes, student loans and more. However, there are a few ways to get through to this largely untapped resource of buyers in a way that they'll be apt to take home buying into consideration. Here are a few points to be sure to make when speaking to a prospective Millenial buyer:
1. You don't need tons of money as a down payment. Yes, the more money that you can save toward your home is always better - But if you're a first-time homebuyer, you don't need a huge chunk of change. FHA loans and VA loans (if eligible) require a small percentage of the purchase price as a down payment and can be a bit more affordable than a standard loan. Additionally, if you team up with a knowledgeable real estate professional who can help you find short sale properties in your area, you might just find a great steal!
2. Buying doesn't mean stuck. Many millenials can be a bit commitment-shy when it comes to buying because they aren't sure if they want to stay with a house for the majority of their adult life, like many of their parents. Some may want the freedom to travel, others may be open to accepting a job in another city or state. However, buying doesn't mean stuck - Buying means you've made a wise investment, whether you opt to live in the house or not. Renting it out is always an option should you decide to go elsewhere. And if you decide to come back? Well, you'll have your house waiting for you.
3. A mortgage isn't the scariest thing in the world. Yes, the application process can be a bit daunting at first but if you're working alongside a professional real estate salesperson and a bank that you trust, you'll have each step thoroughly explained to you. They'll be researching your financial and credit history to determine how much they feel comfortable lending you for your purchase, so be aware of any dings on your history.
As a professional able to address the main concerns of a prospect or client, you are not only educating them on the real estate process but also showcasing your expertise and reliability. As always, our Real Estate Virtual Assistant team is here to assist you every step of the way. Contact us today to find out what we can do for your business!