Millennial homeownership is predicted to rise sharply within the next year or two. What does this mean and how should you prepare?
It means that the homebuying process is finding ways to make homeownership accessible to a new generation at the same time millennials are finding the market worthy of investing in.
Preparing for this shift in the market means appropriately understanding the new customer and being able to provide the tools they need for success. Constant communication is key as well as helping them understand the process and their options clearly. Millennials do a lot of research but with the market constantly changing and new rules in place, clearer explanations could be necessary. Being a trusted resource will be key in developing partnerships and a solid reputation moving forward.
With rent rates predicted to see more increases, millennials will have a big decision to make regarding living arrangements. Will they suffer through more rent hikes thereby potentially delaying their ability to save money for a home? Or will they dive into the housing market and take advantage of loan programs designed to help new homeowners get the loan terms they need? Many are anticipating the latter.