Tips For Millennial Home Buyers

By
Real Estate Agent with Amanda Davidson Real Estate Group Brokered By eXp Realty 0225221517

Tips For Millennial Home Buyers

Millennial home buyers are defined as someone who is in the 18-35 year age bracket. Many millennials have thought about purchasing a home but, due to rising home prices and student debt haven’t taken the leap.

 

Although millennials have seen the struggle in real estate during the recession the dream of home ownership is still alive and well. The majority of millennials want to buy a home and there are options available for that to become a reality but, it takes proper planning and a little patience.

 

Real estate should be viewed as a long term investment. There will always be ups and downs but, if you’re looking at it from a long term view and are in a good financial position it’s something to seriously consider.

 

Deciding between renting and buying is a big decision. Think about the long term and years from now you will likely be glad you opted to buy instead of rent.

 

Real estate is not a get rich quick scheme. It takes hard work and patience.

Tips For Millennial Home Buyer Tips

Millennial Home Buyer Tips

Work With An Agent You Trust

This tip really applies to every home buyer but, as a millennial you’ve most likely never bought a home before so it’s extremely important you pick an agent you can trust. Your agent will (and should) know more than you and because of that, you will be relying on their advice. Ask for referrals from family and friends who have purchased a home before. Then interview different agents and ask questions before you select the agent you feel is best suited to represent you.

 

Think about what you’re looking for in an agent and base your questions around that. Does the agent have references? Do they actively sell homes? This is an important one because if they do it means they’ll have a pulse on the current market conditions.

 

Ask how many clients they work with at one time. You need an agent that can work with your schedule and devote time to helping you. If they’re overwhelmed with clients that’s probably not the best fit. Do they practice dual agency? You want your own exclusive representation.

 

As a first-time home buyer, you need someone that can answer all of your questions in a timely manner. Don’t settle for just any agent, you deserve the best representation.

Home Buying Tips For Millennials

Pinpoint Locations and Neighborhoods

A big part of buying a home is to determine where you want to live. Location, location, location might sound cliché but, the old saying is spot on.

 

You can always change how your home looks but, you can’t change its location. Understanding how to pick a neighborhood you love is important. The location of a home impacts value and the ability to sell down the road; check out the guide to learn more about the importance of walkability, crime, and schools.

 

Type Of Home
Buying a home requires a decision on what type of property fits your lifestyle. Condo, townhouse, or single family are the most common options but, not always the only options depending on what area you’re in.

 

When deciding on a type of home think about how many people (if any) will be living there. Do you need or want a yard? Do you travel a lot and want a low maintenance property? Are you looking for amenities such as a pool or fitness center?

 

Asking yourself these types of questions will help you decide what type of property is best. Remember to think long term, not just about your immediate needs.

Home Buying Tips For Millennials

Know Your Numbers

Purchasing a home comes with costs that you might not be aware of. There are different fees that you’ll want to account for. Expenses will occur before you actually own the home such as home inspection costs and the appraisal fee.

 

Obtaining a mortgage comes with fees that will be a part of your closing costs. These are just a few of the costs that come with purchasing a home.

 

There will also be moving fees and expenses that come after buying a home including maintenance and utilities.

 

Knowing your numbers up front and planning for the long term will save you a lot of stress and keep your budget on track.

 

Closing Thoughts For Millennial Home Buyers

Buying a home is a big decision. It’s one that requires careful thought, planning, and patience. Take your time and do your research.

 

Assembling a trustworthy team of experts to guide you through every step and waiting to buy a home that you love will benefit you for years to come.

 

 

 

Posted by

 

Amanda Davidson Real Estate Group

 exp realty

 

 

      

 

AMANDA DAVIDSON  
l ASSOCIATE BROKER l  
l AMANDA DAVIDSON REAL ESTATE GROUP BROKERED BY eXp REALTY l

C  703.431.3755   |   O  703.988.3151  |   W  www.amandadavidson.com

A  20130 Lakeview Center Plaza #400 Ashburn, Va 20147




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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Sally K. & David L. Hanson 05/22/2019 04:52 AM
Topic:
Home Buying
Location:
Virginia Fairfax County Alexandria Kingstowne
Tags:
home buying tips
millennials
millennial home buyers
buying a home in kingstowne
tips for millennial home buyers

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Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Debb Janes EcoBroker and Bernie Stea JD I completely agree. Purchasing a home is just the start of owning it and I think that often gets overlooked. 

May 21, 2019 09:51 AM #18
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Brian England thank you!

May 21, 2019 09:52 AM #19
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 I completely agree. Having a knowledgeable agent on your side is a game changer. 

May 21, 2019 09:52 AM #20
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Sheri Sperry - MCNE® thank you so much! I think it helps that I am one but, as long as a buyer connects with a trustworthy and experienced agent they'll be successful. I've heard too many horror stories of someone going online and working with an agent they know nothing about lately. I really appreciate your kind and supportive comment. 

May 21, 2019 09:56 AM #21
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Michael Jacobs thank you :) 

May 21, 2019 09:56 AM #22
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Will Hamm thank you!

May 21, 2019 09:57 AM #23
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Debe Maxwell, CRS I think that's a wonderful thing!

May 21, 2019 09:58 AM #24
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Rebecca Gaujot, Realtor® thank you!

May 21, 2019 09:58 AM #25
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Endre Barath, Jr. oh so true ... that could be a post in itself. The lack of loyalty seems to increase each year and sadly it's from anyone and everyone. 

May 21, 2019 09:59 AM #26
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Grant Schneider thank you!

May 21, 2019 09:59 AM #27
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Roy Kelley thank you! I hope you're having a great week. 

May 21, 2019 09:59 AM #28
Rainmaker
3,210,803
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Great education for this market segment ....rent increases are certainly a consideration ! 

May 22, 2019 04:51 AM #29
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Sally K. & David L. Hanson thank you! They sure are, I hope more millennials decide to look into buying. In this area, there don't seem to be nearly as many who are even though rent is anything but, cheap.

May 22, 2019 05:42 AM #30
Rainmaker
1,839,579
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Not sure how this list would differ if I was buying a house.  But on inspections I find that most millenials have very unrealistic expectations and demands.

May 22, 2019 07:43 AM #31
Rainmaker
1,521,775
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

It's a little scary to me that this is the generation that is plugged in to the Internet - seemingly ALL the time.

That makes them most likely to fall for the iBuyer propaganda that tells them they can learn all they need to know on line.  No - they need that buyers' agent!

May 22, 2019 09:20 PM #32
Ambassador
798,487
Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Loved your tips, and absolutely no buyer or seller should ever get left behind! ;-)

May 23, 2019 10:44 AM #33
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Brad Andersohn I completely agree and thank you! 

May 23, 2019 12:48 PM #34
Rainmaker
501,302
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

An interesting comment we were talking about in my office re: the older , wealthy milleniel buyers--they do not want one huge home. They prefer two smaller homes--with the second one being a getaway location.  

May 23, 2019 01:15 PM #35
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Amanda:

This is such wise advice for millenial home buyers. And really anyone planning to buy a home would benefit from your information and tips!

Jeff

May 26, 2019 04:46 PM #36
Rainmaker
1,518,392
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Jeff Dowler, CRS thank you! I hope you have a great week!

May 27, 2019 02:41 PM #37
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